Having raised only $200m of the original $250m junk bond available to investors, the Yankeenets plan to finance the purchase of the New Jersey Devils, which is expected after the National Hockey League season ends, could be in jeopardy.
Analysts believe that the New York-based entertainment holding company is now unlikely to fund the deal with debt. One quoted analyst said such a purchase would more probably come from a mixture of debt and equity.
The senior note bonds are due 2007 and are rated B1 by Moody's and single-B-minus by S&P.
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