Thursday, July 17, 2003

Tristate summary

From staff reports

Bell sells notes to reduce debt

Cincinnati Bell Inc. this week said it completed sale of $500 million in 7.25 percent senior unsecured notes due in 2013. The proceeds will be used to reduce bank debt coming due in 2006, the company said.

Bell said the new financing allows it to continue using cash flow to reduce the $2.5 billion in debt left over from its failed investment in a national broadband network.

CEO Kevin Mooney said the company has largely completed a financial restructuring which included sale of the broadband business, raised $350 million in new capital to reduce debt and extended debt maturities coming due in 2006.

Bell's shares closed Wednesday at $6.79, down 14 cents.

Multi-Color ranks 1st in Ohio report

Cincinnati's Multi-Color Corp. was rated Ohio's best long-term investment in Cleveland's annual Plain Dealer 100 report.

With a three-year price increase of 198 percent, Multi-Color also ranked fifth among companies with the biggest stock price increase since 1999.

The label printer and packaging services company also ranked high in increased revenues and return on equity in the annual survey.

Omnicare seals deal for SunScript

Covington-based institutional pharmacy service manager Omnicare Inc. this week said it had completed the $90 million purchase of the Albuquerque, N.M.-based SunScript division of Sun Healthcare Group Inc.

Omnicare, the national leader in the field, said Tuesday it expects the new business will generate new revenues of $180 million annually.

Queen City dodges a job loss
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P&G says juice drinks may be shed
No surprise: Provident cuts bad loans, risk
Flavor maker adds city space
Two economic signs point to better times
Makino offering tool show
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