Citizens Communications gets no tenders for new subsidiary's 3.25% convertibles

By Jennifer Chiou

New York, April 23 - Citizens Communications Co. and its wholly owned subsidiary Commonwealth Telephone Enterprises, Inc. ended a cash tender offer for all the outstanding 3.25% convertible notes due 2023 and 2005 series A 3.25% convertible notes due 2023 of Commonwealth.

The company said that no notes were tendered in the offer and that $27.067 million combined of the notes remain outstanding.

The offer was being conducted in connection with Citizens' March 8 acquisition of Commonwealth. It was required under the note indentures.

The company offered par plus accrued interest for the tendered notes, which totaled $1,008.85 per $1,000 principal amount.

The offer expired at 5 p.m. ET on Friday.

The Bank of New York (212 815-5920) was paying agent and depositary for the offer.

Citizens is a communications provider and local-exchange telephone company based in Stamford, Conn.

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