Rural Cellular buys back $14.9 million 11 3/8% preferreds

New York, Aug. 1 - Rural Cellular Corp. said it paid $13.4 million to repurchase $14.932 million of its 11 3/8% senior exchangeable preferred stock during the second quarter ended June 30.

The preferreds had $4.0 million of unpaid dividends accrued.

Rural Cellular is an Alexandria, Minn., wireless communication company.

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