Citizens Communications may swap out 2008 notes for new notes

By Angela McDaniels

Seattle, Nov. 9 - Citizens Communications Co.'s board of directors authorized the company to enter into debt-for-debt exchanges of up to $150 million of debt securities due 2008, according to a 10-Q report filed with the Securities and Exchange Commission on Thursday.

The board gave the authorization in October.

During the first quarter of 2006, the company entered into two debt-for-debt exchanges. As a result, a total of $47.5 million of its 7 5/8% notes due 2008 were exchanged for $47.4 million of its 9% notes due 2031, which are callable on the same terms and conditions as the 7 5/8% notes.

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