Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers R > Headlines for Rural LEC Acquisition > News item |
Rural LEC cuts income securities offer to 8.66 million shares
By Paul A. Harris
St. Louis, Nov. 5 - Rural LEC Acquisition LLC cut its offering of Income Deposit Securities (IDS) to 8.66 million shares from 9.1 million on Friday, according to an S-1 filed with the Securities and Exchange Commission.
The price range remains unchanged at $15.20 to $16.80 per IDS.
The IDS are comprised of shares of class A common stock and $65.1 million of senior subordinated notes due 2019.
The price per IDS is comprised of $8.48 allocated to each share of class A common stock and $7.52 allocated to each senior subordinated note, assuming an initial public offering price of $16.00 per IDS, the mid-point in the offering price range.
The Oneonta, Ala., provider of telephone services in Alabama and Missouri will also make a separate $8.5 million offering of "third-party" senior subordinated notes due 2019.
CIBC World Markets, RBC Capital Markets and UBS Investment Bank are leading the deal. Deutsche Bank Securities, Harris Nesbitt, KeyBanc Capital Markets and Raymond James are co-managers.
Proceeds will be used to repay $81.2 million of long-term notes and $18 million Mid-Missouri Holding long-term notes and for general corporate purposes.
The company plans to change its name to Otelco upon completion of the deal.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.