Arch Wireless to redeem another $10 million 12% notes

New York, Feb. 24 - Arch Wireless, Inc. said that its wholly owned subsidiary, Arch Wireless Holdings, Inc., has notified The Bank of New York, as trustee, of its intention to redeem $10 million compounded value of its 12% subordinated secured compounding notes due 2009.

The optional redemption will take place on March 31. The record date for the transaction is March 16.

Upon completion of the March 31 redemption, Arch Wireless expects to have outstanding $40 million.

As previously announced, Arch Wireless, a Westborough, Mass., wireless messaging company, issued $100 million of the notes on May 29, 2002 on completion of the company's reorganization. Several previous mandatory and optional redemptions - the most recent, for $10 million of the notes, completed on Jan. 30 - have brought the outstanding amount of the notes down to current levels.

Previously, Arch had fully redeemed $200 million of 10% senior subordinated secured notes due 2007 which had been issued in May 2002 after its reorganization, via a series of optional and mandatory redemptions which concluded in September 2003.

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