Citizens Communications tenders for new subsidiary's 3¼% convertibles

By Laura Lutz

Des Moines, March 23 - Citizens Communications Co. and its wholly owned subsidiary Commonwealth Telephone Enterprises, Inc. launched a cash tender offer for all of the outstanding 3¼% convertible notes due 2023 and 2005 series A 3¼% convertible notes due 2023 of Commonwealth.

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

The company expects to pay par plus accrued interest for the tendered notes, which will be about $1,008.85 per $1,000 principal amount notes.

The offer expires at 5 p.m. ET on April 20, and tendered notes will be repurchased on April 23.

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

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.