Rural Cellular to price $115.5 million six-year notes on Thursday

By Paul A. Harris

St. Louis, May 23 - Rural Cellular Corp. is expected to price $115.5 million of senior subordinated notes due 2013 (Caa2) on Thursday, according to a market source, who added that Bear Stearns & Co. has the books.

Proceeds from the Rule 144A for life offering will be used to redeem the company's 11 3/8% senior subordinated debentures due 2010.

Rural Cellular is an Alexandria, Minn.-based wireless provider.

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