American Cellular prices tender offer |
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Fri, 02 Mar 2007 20:25
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OKLAHOMA CITY (AP) - American Cellular Corp., a unit of Dobson Communications Corp., said Friday that it priced a tender offer for 10 percent senior notes due 2011.Total consideration is $1,065.56 for each $1,000 principal amount of notes validly tendered before March 1, and not validly withdrawn and accepted for payment. The amount includes a $30 consent fee.The tender offer, which expires on March 15 unless extended, is subject to certain conditions, including consummation of a new private offering of $425 million senior notes and a new senior secured credit facility of up to $850 million.For notes tendered after March 1 and prior to the expiration, the tender offer consideration will be $1,035.56 for each $1,000 principal amount of notes validly tendered.The company also said it obtained requisite consents to proposed amendments to the tendered notes and indenture governing the notes from the holders of at least 75 percent of the outstanding notes. Tenders and consents for about 97 percent of the outstanding notes were received as of Thursday.Shares of Dobson dropped 33 cents to $8.50 in afternoon trading on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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