Rural Cellular to redeem 11 3/8% notes using proceeds from new floaters

By Angela McDaniels

Seattle, May 23 - Rural Cellular Corp. plans to redeem its $115.5 million of 11 3/8% senior subordinated debentures due 2010, according to a company news release.

The 11 3/8% debentures were issued in exchange for the company's $115.5 million of 11 3/8% senior exchangeable preferred stock on May 15.

The Alexandria, Minn.-based wireless communication services provider said it will fund the redemption with cash on hand and proceeds from its planned $115.5 million offering of senior subordinated floating-rate notes due 2013.

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