Arch Wireless completes $10 million redemption of 12% notes, plans to redeem another $20 million

New York, March 31 - Arch Wireless, Inc. said that its wholly owned subsidiary, Arch Wireless Holdings, Inc., completed a previously announced partial redemption of $10 million compounded value of its 12% subordinated secured compounding notes due 2009, bringing the currently outstanding amount of the notes down to $40 million.

Arch has also notified The Bank of New York as trustee of its intention to redeem a further $20 million of the notes on April 30. The record date for the transaction is April 14.

Upon completion of the April 30 redemption, Arch Wireless expects to have outstanding $20 million of the notes.

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 - had brought the outstanding amount of the notes down to the levels they held when the most recent redemption was announced on Feb. 24.

Arch said at that time that it would redeem $10 million compounded value of the 12% notes on March 31, with a record date for the transaction of March 16.

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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