Primus sells Canadian and U.S. telecom for US$129 million, retains stable credit rating

NEW YORK, NY and MCLEAN, VA. – Moody’s Investors Services announced its B3 corporate family rating of Primus Telecommunications Group remains stable following the company’s announcement Friday that it is selling its Canadian and U.S. retail telecommunications operations to York Capital Management for about US$129 million. “This transaction represents a meaningful outcome of the board’s strategic process. The board is considering alternatives for the deployment of the proceeds from this sale,” Primus chair Neil Subin said in a prepared statement announcing the sale. The transaction is currently expected to close by the third quarter of 2013, with the exception of...