Citizens Utilities issues $100 million of Debentures.STAMFORD, Conn.--(BUSINESS WIRE)--June 7, 1996--Citizens Utilities announced that the company issued $100 million of Debentures yesterday. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Robert J. DeSantis, vice president and treasurer, the Debentures were issued with an interest rate of 6.8% and a maturity date of August 15, 2026. The Debentures are redeemable at par at the option of the holders on August 15, 2003 and are rated AA+ by Standard & Poor's and Fitch Investors Service Fitch Investors Service A financial services company best known for the bond ratings it provides investors. and Aa3 by Moody's. The negotiated underwriting Negotiated Underwriting A process in which both the purchase price and the offering price for a new issue are negotiated between the issuer and a single underwriter. Notes: The underwriter pays the issuer a purchase price, and the public pays the offering price. was lead managed by Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. & Co., Incorporated and co-managed by Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. and Chase Securities, Inc. The proceeds from the sale of the Debentures will be used to repay outstanding commercial paper. DeSantis said, "The pricing and terms of the issued Debentures demonstrate that investors recognize Citizens' high credit quality and its prospects for future growth. By using an optional redemption structure, we were successful in pricing the Debentures at just 15 basis points (15/100 of 1%) over the seven-year Treasury rate while securing the opportunity to borrow for a 30-year period. This pricing is beneficial to our shareholders and ratepayers in two ways: first, to the extent the Debentures are redeemed in seven years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time pricing is approximately 20 basis points (20/100 of 1%) below the interest rate for conventional seven-year Debentures; and second, to the extent the Debentures remain outstanding for 30 years, the pricing is approximately 80 basis points (80/100 of 1%) less than the rate for conventional 30 year Debentures. DeSantis added, "We are pleased with our decision to enter the market yesterday in anticipation of this mornings's release of employment data which has proven unfavorable to debt issuers." Citizens Utilities (NYSE NYSE See: New York Stock Exchange : CZNA, CZNB) is a diversified growth company providing telecommunications, energy and water and wastewater treatment services to approximately 1.6 million customers in 20 states. Citizens has a significant investment interest in Centennial Cellular Corp., and owns Electric Lightwave Inc., a competitive telecommunications services provider with operations in five major metropolitan areas in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . Through Citizens Telecom, one of the country's 15 largest telecommunications companies, Citizens provides local, long distance, cellular, paging and other services to customers throughout the United States. CONTACT: Citizens Utilities, Stamford Arthur Dague, 203/329-5094 |
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