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American Cellular withdraws $425 million senior notes offer
By Paul A. Harris and Sara Rosenberg
St. Louis, March 6 - American Cellular Corp. has abandoned its planned $425 million offering of eight-year senior notes (CCC), according to a market source.
Meanwhile the Oklahoma City-based company has upsized its funded term loan B to $900 million from $700 million and has decided to tender for 75% of its $900 million 10% senior notes due 2011 as opposed to 100% of the notes.
Morgan Stanley and Lehman Brothers were leading the bond deal.
American Cellular is a subsidiary of Dobson Communications Corp., an Oklahoma City-based provider of wireless phone services to rural markets.
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