Nextel Partners completes redemption of 12½% notes

New York, Nov. 15 - Nextel Partners, Inc. said it completed the redemption of its remaining $146.3 million 12½% senior notes due Nov. 15, 2009.

The company paid $164.5 million for the debt, including accrued interest. Funding came from available cash.

"Not only are we driving revenue, as evident by yet another record quarter, we're continually looking for ways to reduce the cost of capital and strengthen our financial position," said Barry Rowan, Nextel Partners' chief financial officer, in a news release. "We redeemed the senior notes at the first possible call date, in keeping with our focused drive to deliver outstanding performance."

The Kirkland, Wash., wireless phone company said that the repayment cuts its weighted average cost of debt to 5.4% from 5.9%.

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