Alamosa exchanges $53.9 million of preferreds

New York, May 4 - Alamosa Holdings, Inc. said it has exchanged $53.9 million liquidation value of its convertible preferred stock this year.

The Lubbock, Tex., cellphone company exchanged 31,000 units in the first quarter and 184,000 after the end of the quarter.

Alamosa issued 16 million shares in response, of which 383,000 was inducement premiums.

The exchanges have eliminated $6.8 million of dividend payments through the November 2006 call date.

Since June 1, 2004, Alamosa has eliminated $103 million liquidation value - 417,000 units - or 61% of the original amount in exchange for 32 million shares.

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