• GlaxoSmithKline raised $2.5 billion debt in a three-part debt deal, led by J.P. Morgan, Citigroup Global Markets, and Lehman Brothers. It issued three-year and 10-year notes and 30-year bonds, all rated Aa2 by Moody’s and AA by Standard & Poor’s.
  • Cablevision Systems issued $2 billion of junk bonds, including $1 billion of eight-year notes priced at par to yield 8 percent; $500 million of five-year floating-rate notes priced at six-month Libor plus 450 basis points; and $500 million of eight-year notes at par to yield 6.75 percent. The cable company says it’s using the proceeds to buy back its stock and repay borrowings under its credit facilities.
  • Wells Fargo issued $500 million in 10-year global subordinated notes, price to yield 4.646 percent, or 75 basis points more than comparable Treasurys.
  • Clear Channel Communications, the largest radio operator will repurchase up to $1 billion of its common shares.
  • Bally Total Fitness said Ernst & Young resigned as its accounting firm. The auditor issued clean opinions on Bally’s financial statements for 2003 and 2002, according to the leisure-services company, which reported that it had no accounting, reporting, or auditing disagreements with E&Y. Bally also stated that E&Y endorsed Bally’s recent change to a modified cash-basis accounting.
  • Maxwell Technologies said its independent auditor, Deloitte & Touche, has resigned after issuing the company a clean audit opinion for fiscal 2003. Maxwell said D&T’s abrupt resignation came as a surprise. The auditor found no irregularities or mismanagement of company’ accounts, according to Maxwell.
  • The Securities and Exchange Commission is investigating SportsLine.com and its disclosure last September that it would restate financial results for the past 2 ½ years, according to the Miami Herald. The restatement stemmed from an error in the way SportsLine accounted for employee stock-option grants.
  • SureWest Communications, a cable and telephone company, said that its audit committee proposed added internal controls after an investigation found a former employee was intentionally involved in a fraudulent scheme, according to a published report.

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