Roadway Corp. said last night it will postpone the sale of up to $700-million of bonds and loans because of the terrorist attack on the World Trade Center and the Pentagon. Roadway CFO Dawson Cunningham and other executives of Roadway were scheduled to meet this week with Moody's Investors Service and Standard & Poor's (S&P) to have their debt rated, a needed step for investors to be willing to buy the securities.
``Obviously, that's not going to happen,'' Cunningham said.
Moody's and S&P both have offices in New York's downtown Manhattan, near where two hijacked planes crashed into the World Trade Center and caused the collapse of the twin towers.
Roadway will coordinate with Moody's and S&P to reschedule the meeting, Cunningham said.
Akron, Ohio-based Roadway plans to sell debt to finance its $475 million purchase of Arnold Industries Inc., said people familiar with the transaction. Credit Suisse First Boston is to arrange the debt sale.