Southwest shows high cost of corporate borrowing

01/19/2009 | NYTimes.com

When Southwest Airlines went to the bond market to raise $350 million last month, it was forced to pay interest rates of 10.5%, nearly double the rate of a 2004 bond issue. Even companies like Southwest, which boasts an investment-grade rating, will continue to find borrowing difficult, experts say, while riskier companies are being locked out entirely.

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