Eircom completes EUR1 billion bond issue

dahamsta

http://www.enn.ie/frontpage/news-9370117.html

According to the [Irish Independent], Eircom has completed its EUR1 billion bond issue, which was more than 1.5 times oversubscribed. The company sold EUR550 million of ten-year senior notes issued at a yield of 7.25 percent. It also priced a further EUR285 million and USD250 million of senior subordinated notes at par to yield 8.25 percent. According to Eircom chief executive Philip Nolan the take-up on the bonds was very positive. Following a US and European roadshow, which included Paris, Edinburgh, Amsterdam, Frankfurt and six cities in the US, the company priced more of the bonds in euro than management had expected.

sax0000

Originally posted by dahamsta
http://www.enn.ie/frontpage/news-9370117.html

Meanwhile Ivan Seidenberg (Chief Executive) of Verizon* (former NY/NJ/NE incumbent monopolist) says that he's going to run fibre to every customer in his patch - providing TV, broadband (at 20x DSL) movies, voice, fax and data to business and residential customers. They are also blanketing their franchise area with Wi-Fi internet access points and 3G mobile from September.

(They currently offer old fashioned DSL for $35 per month ($29.95 during trial period).

He started off as a cable splicer when he was 19, and still keeps his shears, knife and sheaf tucked away in his desk.

Meanwhile the rest of us have to put up with short termist **** who haven't a clue about the business and whose only expertise would appear to be how to borrow a billion or two to pay a fat dividend to themselves on the back of monopoly cash flows.

sax0000

*Business Week European Edition August 4-11 pp58-62

spongebob

Originally posted by sax0000


Meanwhile the rest of us have to put up with short termist **** who haven't a clue about the business and whose only expertise would appear to be how to borrow a billion or two to pay a fat dividend to themselves on the back of monopoly cash flows.

and thats just goo ole Biddy on 1901. The management are a bigger bunch of grubbers while the majority owners are a bunch of vultures with carrion aplenty to feed off.

M

dahamsta

Originally posted by sax0000
Meanwhile Ivan Seidenberg (Chief Executive) of Verizon* (former NY/NJ/NE incumbent monopolist) says that he's going to run fibre to every customer in his patch - providing TV, broadband (at 20x DSL) movies, voice, fax and data to business and residential customers. They are also blanketing their franchise area with Wi-Fi internet access points and 3G mobile from September.

Yeah, but will any of it work? Verizon has a horrendous reputation.

adam

sceptre

Originally posted by sax0000
Meanwhile the rest of us have to put up with short termist **** who haven't a clue about the business and whose only expertise would appear to be how to borrow a billion or two to pay a fat dividend to themselves on the back of monopoly cash flows.

Nice to see you back posting btw. You've probably been reading here all the time but it's always good to have another coherent one:D back.

sax0000

Originally posted by dahamsta
Yeah, but will any of it work? Verizon has a horrendous reputation.

While Verizon is an amalgam of several RBOCS some with awful reputations, Seidenberg has been Verizon CEO only since 2002.

He was the first to bring in flat-rate long distance (unlimited calling across the US and Canada). All the RBOCS have had to follow with this initiative.

Part of the reason for the historical problems in the NY and other areas is the old dilapidated state of the cable plant. He is addressing this by bringing fibre to every home and office and using it to provide a service that will compete with cable. Effectively destroying the existing copper based telco business and replacing it with a broadband platform.

If he doesn't do this the cable companies will take his phone business.

Nothing like that would happen in Ireland of course.

sax0000

dahamsta

Originally posted by sax0000
While Verizon is an amalgam of several RBOCS some with awful reputations, Seidenberg has been Verizon CEO only since 2002.

Fair enough, I'll give him the benefit of the doubt. My buddies in the States won't though...

adam

dahamsta

...neither will their employees, or their customers...

The Underbelly of the Proposed Verizon Strike:

Why Customers Should Care.

The Verizon Communications Workers of America (CWA) members are correct in worrying about the future. In the last two decades, there's been over a 50% decrease in the number of employees-per-line, while there's been a 100% increase in the Bell companies revenues. And construction in Verizon is down over 53% in the last three years.

However, there's an another dark side of this discussion that no one wants to talk about --- How customers are being affected by staff cuts and slashes in construction budgets. Everyone knows that service has been declining and prices have been increasing, but the real scam is that instead of reinvesting in the networks and staff, Verizon is using the profits to fund excessive executive compensation and pay for massive overseas losses from bad investments.

[...]

Lot of extremely familiar stuff here, well worth a read (and pointing out to your local journo/pol).

adam