March 31, 2008
It's official: FairPoint closes Verizon deal
Despite some last-minute regulatory scrutiny over the weekend, FairPoint Communications today completed its $2.3 billion takeover of Verizon's wireline and Internet services in northern New England.
Officials in New Hampshire and Vermont held eleventh-hour meetings Sunday to scrutinize the deal after the interest rate Charlotte, N.C.-based FairPoint took out on bonds to cover the sale jumped to 13.5%, five points over January's projected rate, the Associated Press reported. The higher cost of borrowing will add $17.5 million to the company's $2.2 billion debt, and regulators were concerned the additional burden could be passed on to consumers.
In an emergency meeting, the Maine Public Utilities Commission on Friday decided protections for consumers it had insisted on "still appear to be adequate." The other states' regulators came to similar conclusions over the weekend, according to the Bangor Daily News.
Officials in New Hampshire and Vermont held eleventh-hour meetings Sunday to scrutinize the deal after the interest rate Charlotte, N.C.-based FairPoint took out on bonds to cover the sale jumped to 13.5%, five points over January's projected rate, the Associated Press reported. The higher cost of borrowing will add $17.5 million to the company's $2.2 billion debt, and regulators were concerned the additional burden could be passed on to consumers.
In an emergency meeting, the Maine Public Utilities Commission on Friday decided protections for consumers it had insisted on "still appear to be adequate." The other states' regulators came to similar conclusions over the weekend, according to the Bangor Daily News.
Mainebiz web partners
Most Recent
Most Recent
Comments