Short Takes On High Yields


Mark Brostowski left his trading position at BankBoston to join buyside firm Harvard Management Co. Brostowski did not return phone calls, and other Harvard Management officials would not comment on the move...

BellSouth is reportedly thinking of acquiring Qwest Communications, just a couple of weeks after it bought 10% of the long distance carrier. Qwest, a benchmark junk issuer, has a market capitalization of about $30 billion, while BellSouth is at about $87 billion. BellSouth, so far, has avoided most of the fast-paced mergers and acquisitions game that the other Baby Bells have been involved in...

Arch Communications Group completed its merger with MobileMedia to form the second-largest U.S. paging company with more than seven million customers. The company expects pro forma revenues of $800 million in fiscal 1999, and pro forma cash flow of $250 million...

Cable & Wireless won a bidding war for Tokyo-based telecommunications firm International Digital Communications Inc. by bidding $101 million after two major shareholders said they would sell their stakes to the cable company. That will make U.K.-based Cable & Wireless the first foreign company to own a controlling share of a Japanese telecom firm. The two other firms were Toyota Motor Corp. and Itochu Corp...

American Tower Corp. will reportedly buy 75 wireless telecom towers that are under construction from an affiliate of Sprint Corp. The towers, which are expected to be complete by year-end, are located in southern and central Illinois. Communications companies across the country have been selling off tower assets to tower management companies like Boston-based American Tower, to better focus on their core phone business...

AT&T Corp., the biggest name in the cable sector, named Curt Hockemeier as chief operating officer of telephone service for its Broadband and Internet Services department. Hockemeier, a cable pro, rears from Teleport Communications. AT&T has been snapping up cable properties in the rush to provide phone, cable, data, and Internet services to the consumer's home...

Collins & Aikman's $400 million debt issue of '06 notes was placed on review for downgrade by Moody's Investors Service. The deal in question is an 11.5%, B2 rated transaction. The concern from the rating agency reflects concerns over Collins' performance in 1998 and first quarter 1999, as well as anticipated restructuring charges and an announcement of a special dividend of $44 million paid to shareholders from the issuer's new bank facility...

Standard & Poor's lowered its rating on Hylsa's local currency corporate rating to BB from BB+ and $300 million senior unsecured bonds to BB- from BB. The rating agency put the steel maker on corporate watch with negative implications at the end of the first quarter...

The Communications, Energy, & Paperworkers Union Local 689 forced high yield issuer Repap New Brunswick to close a coated goundwood paper mill earlier this month when it went on strike. The mill accounts for about 10,000 tons of coated paper a week, or 10% of North American capacity. The company has about 20,000 tons of inventory, so a strike longer than a couple of weeks could hurt the firm...

Hayes Lemmerz reported better-than-expected results for the first quarter. Cash flow increased 47% to $103.2 million. Revenues increased 42% to $587.9 million largely as a result of acquisitions.