New Issue: Western Wireless sells $600 million 10-year notes to yield 9¼%

By Paul A. Harris

St. Louis, July 11 - Western Wireless Corp. priced $600 million of senior notes due July 15, 2013 (Caa2/CCC) at par Friday to yield 9¼%, according to a syndicate source.

Price talk was for a yield of 9¼%-9½%.

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

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.

Western Wireless is a Bellevue, Wash.-based wireless company.

Issuer:	Western Wireless Corp.
Amount:	$600 million
Maturity:	July 15, 2013
Security description:	Senior notes
Bookrunners:	Goldman Sachs, JP Morgan, Wachovia Securities
Coupon:	9¼%
Price:	Par
Yield:	9¼%
Call features:	Callable on July 15, 2008 at 104.625, then 103.083, 101.542, declining to par on July 15, 2011 and thereafter
Equity clawback:	Until July 15, 2006 for up to 35% at 109.25
Settlement date:	July 16, 2003
Ratings:	Moody's: Caa2
	Standard & Poor's: CCC
Price talk:	9¼%-9½%

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