Rural Cellular to price quick-to-market $325 million seven-year deal on Tuesday

By Paul A. Harris

St. Louis, July 21 - Rural Cellular Corp. is expected to price a quick-to-market offering of $325 million senior notes due 2010 (CCC) on Tuesday, according to an informed source.

Lehman Brothers and Morgan Stanley are underwriters on the Rule 144A/Regulation S deal.

Proceeds from the seven-year non-call-four notes will be use to repay bank debt.

The company provides wireless services to rural markets in the Midwest, Northeast, South and Northwest.

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