Dobson Communications exchanges 12.25%, 13% preferreds for stock, cash

By Jennifer Chiou

New York, Oct. 4 - Dobson Communications Corp. said it issued 5,982,040 shares of its class A stock in exchange for 8,700 shares of its 12.25% senior exchangeable preferred stock and 30,021 shares of its 13% senior exchangeable preferred stock.

The company also paid $1.6 million in cash in the privately negotiated transactions.

After the transactions, the company said it will have $33 million of the preferreds outstanding.

In August, Dobson completed an oversubscribed tender offer to exchange up to 32,327 shares or 70% of its 12.25% senior exchangeable preferred stock and up to 135,029 shares or 70% of its 13% senior exchangeable preferred stock. In both cases participating investors received stock and cash.

Dobson is an Oklahoma City provider of wireless phone services to rural U.S. markets. Its stock closed at $8.12 on Monday.

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