Frontier Communications calls Citizens Utilities' 5% Eppics

By Angela McDaniels

Tacoma, Wash., Nov. 11 - Frontier Communications Corp. said it will redeem all of Citizens Utilities Trusts' remaining 5% Equity Providing Preferred Income Convertible Securities on Dec. 15.

The company will pay $50 per convertible plus accrued interest, according to a Frontier news release.

Each convertible is convertible into Frontier common stock at a conversion price of $11.46 per share up to the redemption.

Frontier stock closed at $8.23 (NYSE: FTR) on Tuesday.

About $3.5 million of the convertibles were outstanding as of Sept. 30, according to a 10-Q filing with the Securities and Exchange Commission.

Frontier, formerly Citizens Communications Co., is a Stamford, Conn.-based communications company that provides primarily rural local exchange telephone services.

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