Citizens Communications plans to call or buy back 7 5/8% notes

By Angela McDaniels

Seattle, March 19 - Citizens Communications Co. plans to redeem or repurchase $495.2 million of its 7 5/8% senior notes due 2008, according to a company news release.

The company said it will use proceeds from a $750 million private placement of senior unsecured notes to fund the redemption or repurchase.

Proceeds from the placement will also be used to refinance $200 million of the company's bridge loan facility, which was entered into in connection with the acquisition of Commonwealth Telephone Enterprises, Inc., and any remaining proceeds will be used to pay integration costs and to settle liabilities associated with the acquisition of Commonwealth.

Citizens is a Stamford, Conn.-based communications company that provides telephone, television and internet services.

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