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| AOL Boosts Bond Sale to $6 Billion by Jeremy at 6:10 am EST, Apr 4, 2002 | |||
AOLTW sold $6B of bonds on Wednesday, 50% more than planned, to refinance short-term debt and position itself for possible further acquisitions. ... drew more than $10B of bids after offering yields of 7.753% ... Proceeds will pay down $4B in bank loans, $3B in commercial paper ... may make more cable TV acquisitions ... AOL said last week it would take a $54B quarterly charge, likely the largest ever by a company, to reflect a steep decline in the value of its 2000 purchase of Time Warner. ... AOL follows GE Capital and Verizon in scurrying to pare commercial paper as Moody's Investors Service and Standard & Poor's closely examine companies' ability to raise cash fast. ... AOL may buy AT&T's 25% stake in TW Entertainment, which analysts said may be worth up to $10B. ... "There are clouds on the horizon, but AOL has a great franchise and a great business." ... "There has been a consistent (bond market) theme of buying market leaders on the expectation that market leaders will find greater favor as the economic recovery begins." | |||
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