Rural Cellular exchanges 11 3/8% preferreds for stock

New York, Dec. 22 - Rural Cellular Corp. said it agreed to issue 594,500 shares of class A common stock in exchange for 5,500 shares of its 11 3/8% senior exchangeable preferred stock.

The swap was carried out in privately negotiated transactions, according to an 8-K filing with the Securities and Exchange Commission.

The company said on Dec. 4 that it had agreed to exchange 5,000 shares of its 11 3/8% senior exchangeable preferred stock for 572,000 shares of its class A common stock.

Rural Cellular is a wireless communication service provider based in Alexandria, Minn.

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