Business Services Industry
Florida Phone Company Restructures Debt to Cut Costs. (Originated from The Orlando Sentinel, Fla.)
Knight Ridder/Tribune Business News, July, 1993 by Kuhn, Brad
Jul. 3--Sprint/United Telephone-Florida on Friday joined the nationwide wave of corporations and governmental authorities taking advantage of lower interest rates.
The Apopka-based telephone company expects to save $3 million a year on its $135 million mortgage bond payments as a result of Friday's transaction, which was underwritten by Lehman Brothers and Merrill Lynch.
David K. Day, a financial adviser with Merrill Lynch in Winter Park, said the corporate bond market has been booming as corporations try to lock in low interest rates long-term.
"The pace has approximately doubled each year since 1990 and it is running in 1993 at a pace 75 percent ahead of a year ago," he said.
It's not just corporations. Last month Orlando Utilities...
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