Rural Cellular to reduce bank debt with note sale proceeds

By Sara Rosenberg

New York, July 21 - Rural Cellular Corp. plans on reducing the outstanding borrowings under its credit facility by $356.1 million with proceeds from a $325 million senior notes offering and existing cash.

The completion of the notes offering is subject to the company successfully obtaining an amendment to the credit facility.

Rural Cellular is an Alexandria, Minn. provider of wireless communication services.

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