Alltel gets consents needed to amend toggle notes

By Angela McDaniels

Tacoma, Wash., March 9 - Verizon Wireless said that two of its subsidiaries, Alltel Communications, LLC and Alltel Communications Finance, Inc., have received enough consents from holders of their 10.375% senior toggle notes due 2017 to remove some reporting requirements and make other changes to the indenture.

A consent solicitation and tender offer for the notes began on Feb. 18 and will end at 5 p.m. ET on March 18. The consent deadline was originally scheduled for March 4 but was later extended to 5 p.m. ET on March 9.

The company is offering $1,200 for each $1,000 principal amount of notes tendered, including a consent payment of $2.50 for each note tendered by the consent deadline. Noteholders will also receive accrued interest.

On March 5, the payout was increased from $1,180 per $1,000 principal amount, which included the consent payment.

Noteholders may tender their notes with consents or deliver consents without tendering. Excluding notes held by those related to Verizon Wireless and its subsidiaries, $190 million principal amount of the securities is outstanding.

Global Bondholder Services Corp. (866 470-3700) is the information agent. Goldman, Sachs & Co. (800 828-3182 or call collect 212 357-4692) is the dealer manager.

Based in Basking Ridge, N.J., Verizon Wireless operates a wireless voice and data network. It is a joint venture of Verizon Communications Inc. and Vodafone Group plc.

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