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Rural Cellular exchanges $2 million 11 3/8% preferreds for 229,134 class A shares
New York, Oct. 6 - Rural Cellular Corp. said it issued 229,134 of its class A shares in exchange for $2 million of its 11 3/8% senior exchangeable preferred stock.
The Alexandria, Minn., wireless communication company settled the negotiated transaction on Sept. 28.
On Sept. 21, the company said it issued 419,580 class A shares for $4 million of its 11 3/8% preferreds, on Sept. 12 the company said it issued 421,476 class A shares for $3.535 million of the preferreds and on Aug. 1, the company said it paid $13.4 million to repurchase $14.932 million of the preferreds during the second quarter.
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