New Issue: Alaska Communications $182 million 9 7/8% eight-year notes yield 10½%

By Paul A. Harris

St. Louis, Aug. 15 - Alaska Communications Holdings priced $182 million principal amount of 9 7/8% senior notes due Aug. 15, 2011 (B2/B-) at 96.687 Friday to yield 10½%, according to a syndicate source.

JP Morgan, CIBC World Markets and Citigroup were bookrunners on the Rule 144A deal. Jefferies & Co. and Raymond James were co-managers.

Proceeds will be used to repay bank debt.

The issuer is an Alaskan telecommunications company.

Issuer: Alaska Communications Holdings

Amount:	$182 million
Proceeds:	$175,970,340
Maturity:	Aug. 15, 2011
Security description:	Senior notes
Bookrunners:	JP Morgan, CIBC World Markets, Citigroup
Co-managers:	Jefferies & Co., Raymond James
Coupon:	9 7/8%
Price:	96.687
Yield:	10½%
Call features:	Callable on Aug. 15, 2007 at 104.938, then 103.292, 101.646, declining to par on Aug. 15, 2010 and thereafter
Equity clawback:	Until Aug. 15, 2006 for 35% at 109.875
Settlement date:	Aug. 26, 2003
Ratings:	Moody's: B2
	Standard & Poor's: B-
Rule 144A Cusip:	011679AD9

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