Western Wireless $600 million deal restructured as 10-year notes, talked at 9¼%-9½%

By Paul A. Harris

St. Louis, July 10 - Western Wireless Corp. restructured its $600 million bond offering as a single tranche of 10-year non-call-five senior unsecured notes (Caa2/expected CCC) and released price talk of 9¼%-9½%, according to a syndicate source.

The company dropped an initially planned tranche of seven-year non-call-four notes, the source added.

The deal is expected to price on Friday.

Goldman Sachs & Co., JP Morgan and Wachovia Securities, Inc. are joint bookrunners on the Rule 144A/Regulation S deal.

Proceeds will be used to help prepay $400 million of debt under the company's credit facility, to redeem its 10½% senior subordinated notes due 2006 and 2007 and for working capital and general corporate purposes.

The prospective issuer is a Bellevue, Wash.-based wireless company

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