American Cellular $250 million credit facility to launch Tuesday

By Sara Rosenberg

New York, July 14 - American Cellular Corp. is scheduled to hold a bank meeting on Tuesday to launch its proposed $250 million credit facility, according to a market source.

Bear Stearns is the lead bank on the deal.

The facility consists of a $50 million revolver and a $200 million term loan, the source said.

Proceeds will be used to fund the acquisition of Highland Cellular LLC, which provides cellular wireless service to southern West Virginia and two adjacent counties in Virginia, for $95 million.

American Cellular is a subsidiary of Dobson Communications Corp., an Oklahoma City-based provider of wireless phone services to rural markets.

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