GTE Corp. yesterday said it has called $2.1 billion of high-coupon debt issued by five of its telephone operating subsidiaries.

"It's something they [bondholders] should have expected," said Joseph A. Beatty, a telecommunications analyst at Duff & Phelps/MCM Investment Research Co. "The fact that they weren't called any sooner was probably a surprise to the bondholders."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.