Rural Cellular seeks new revolver; will repay bank debt with bond proceeds

By Sara Rosenberg and Paul A. Harris

New York, March 8 - Rural Cellular Corp. plans on getting a new revolving credit facility, according to a company news release.

Furthermore, the company anticipates repaying all outstanding obligations under its existing credit agreement and terminating interest rate swap agreements associated with the credit agreement with proceeds from a proposed $510 million senior secured floating-rate notes offering and cash on hand.

Lehman Brothers and Banc of America Securities will run the books on the bond offering.

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

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