Centennial Communications changed hands a few times in the high 60s context last week, as traders said interest in the paper picked up once the company disclosed in its Aug. 29 10-K that Welsh, Carson, Anderson & Stowe, one of the company's largest shareholders, bought roughly half of the company's 103/ 4% subordinated debt. The investors bought roughly $175 million out of $375 million of the company's high-yield bonds, noted Michael Small, company ceo. The move was seen as a bullish sign for the company, noted one trader. It could not be determined how much of the paper traded last week. Calls to Jonathan Rather, general partner and cfo for Welsh, Carson, Anderson & Stowe, were not returned by press time.
Centennial has also recently pulled out of its Jamaica wireless business, selling its stake in Centennial Digital Jamaica to Oceanic Digital Communications. This allowed the company to shed $45 million of debt, modest operating losses and modest capital requirements, said Small.