Arch Wireless to redeem $10 million notes

New York, July 8 - Arch Wireless, Inc. said its Arch Wireless Holdings, Inc. subsidiary will redeem $10 million of its 10% senior subordinated secured notes due 2007.

The notes will be redeemed on July 31.

Only holders of record as of July 16 will be entitled to receive cash distributions in connection with the redemption, Arch said. It noted that creditors that have not yet tendered their letters of transmittal to The Bank New York under Arch's Joint Plan of Reorganization should do so by July 15 otherwise they will not receive a cash distribution.

"Early redemption of the 10% senior notes will lower our interest expense and generate greater financial flexibility for Arch," said J. Roy Pottle, executive vice president and chief financial officer of the Westborough, Mass. wireless messaging company, in a news release. "While our recently completed reorganization reduced our overall debt obligations, we believe additional debt reduction is a prudent step as Arch continues to position itself in the evolving wireless messaging sector."

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