Iowa Telecommunications sets IDS share price range at $15-$17

By Paul A. Harris

St. Louis, Aug. 13 - Iowa Telecommunications Services Inc. set a share price range of $15 to $17 on its planned sale of 36.7 million Income Deposit Securities (IDS), according to an S-1A document that the company filed Friday with the U.S. Securities and Exchange Commission.

The deal, which totals $742.7 million, includes IDS shares comprised of class A common stock and $194.2 million of senior subordinated notes due 2019. Also included is an offering $27 million of the notes, which are to be sold separately from the IDS.

CIBC World Markets, Citigroup, and Lehman Brothers are leading the deal. The syndicate also includes UBS Investment Bank, Jefferies & Co., Legg Mason, RBC Capital Markets, Banc of America Securities, Bear, Stearns & Co., KeyBanc Capital Markets and Raymond James.

Proceeds will be used to repay $216.5 million of term debt under the company's existing credit facility and to prepay its 2007 term notes.

Newton, Iowa-based Iowa Telecommunications Services provides local, long-distance, and internet services to residential and business customers.

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