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Dobson to redeem remaining 12¼% notes
New York, Jan. 5 - Dobson Communications Corp. said it will redeem the remaining $5.2 million of Dobson/Sygnet 12¼% senior notes due 2008 on Feb. 5.
Holders will receive $1,061.25 per note plus accrued interest up to and including Feb. 4.
Dobson previously bought back most of the formerly outstanding notes in a tender offer.
On Oct. 24 Dobson and its wholly owned Dobson/Sygnet Communications Co. subsidiary jointly announced that they had accepted $183.255 million principal amount of the 12¼% notes under their previously announced tender offer for all of the outstanding bonds and the related solicitation of noteholder consents to proposed indenture changes.
Dobson, an Oklahoma City-based provider of wireless communications services to mostly rural markets, said on Sept. 8 that Dobson/Sygnet Communications had begun a cash tender offer for any and all of its outstanding $188.5 million of the 12¼% notes and was also soliciting noteholder consents to proposed indenture amendments.
On Sept. 15, Dobson said that said that holders of the 12¼% notes had tendered a total of $183.255 million principal amount of the notes, or 97.2% of the total outstanding, as of the close of business on Sept. 12, which coincided with the now-expired consent deadline. That number did not change in several subsequent announcements that the tender offer had been extended, most recently on Oct. 22.
Dobson said that Dobson/Sygnet would pay noteholders who tendered prior to the consent solicitation expiration deadline $1,077.57 per $1,000 principal amount, which includes a $30 per $1,000 principal amount consent payment, and would also pay accrued and unpaid interest. Holders tendering after the consent deadline will receive $1,047.57 per $1,000 principal amount of notes, plus interest.
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