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Commonwealth Telephone exchanges $63.892 million 3¼% convertibles
New York, Aug. 2 - Commonwealth Telephone Enterprise, Inc. announced the final results of its exchange offer for its $300 million of 3¼% convertible notes due 2023, saying holders tendered $63.892 million of the securities.
As announced on June 24, the Dallas, Pa., telecommunications company offered new convertibles with similar terms except that they have net share settlement. On conversion, Commonwealth Telephone will be able to pay cash, stock or a combination instead of stock only as is required with the existing notes.
The new notes will maintain full dividend protection.
As part of the exchange, the company is offering an exchange fee of $2.50 per $1,000 principal amount.
The exchange ran through midnight ET on July 26.
Morgan Stanley & Co. Inc. is dealer manager, and D.F. King & Co., Inc. is information agent.
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