Rural Cellular $300 million notes talked at 9½%-9¾% yield

By Paul A. Harris

St. Louis, Mo., Jan. 10 - Rural Cellular Corp.'s offering of $300 million senior subordinated notes due 2010 is expected to come to market at a yield of 9½%-9¾%, according to price talk that came out Thursday, syndicate sources said.

The deal is set to price mid-day Friday.

Dresdner Kleinwort Wasserstein will run the books on the Rule 144A deal. TD Securities and Credit Suisse First Boston are co-leads and Wachovia Securities, and Banc of America Securities are co-managers.

The notes are non-callable for four years and are rated B- by Standard & Poor's. The company's existing debt is rated B3 by Moody's Investors Service.

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