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MCI to issue up to $5.665 billion in three-, five- and 10-year notes on emergence from Chapter 11
By Paul A. Harris
St. Louis, Dec. 19 - MCI intends to issue up to $5.665 billion of notes in three tranches when it emerges from bankruptcy, expected during the first quarter of 2004, according to an informed source.
The Ashburn, Va.-based long distance telephone company proposes to issue $2 billion of three-year notes, $2 billion of five-year notes and $1.665 billion of 10-year notes, the source told Prospect News.
By proportions, the split will be 35% to the three-year notes, 35% to the five-year notes and 30% to the 10-year notes.
The actual total could range from $4.665 to $5.665 billion, depending on the choices made by certain claim holders.
Holders of claims in classes 5, 11 and 13 have until 4.15 p.m. ET on Jan. 9 to deliver their choices, with the deadline extended from 4.00 p.m. ET on Dec. 24.
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