Alltel units up payout, extend consent date in tender for senior toggle notes due 2017

By Jennifer Chiou

New York, March 5 - Verizon Wireless announced that two of its subsidiaries, Alltel Communications, LLC and Alltel Communications Finance, Inc., increased the payout and prolonged the consent deadline in the tender offer for their senior toggle notes due 2017.

Now, those who give consent prior to 5 p.m. ET on March 9, instead of March 4, will receive a consent payment of $2.50 per $1,000 principal amount. Those who tender and give consent by that time will receive $1,200 for each $1,000 principal amount, including the consent payment. The payout was increased from $1,180, including the consent payment.

Alltel also said that accrued interest will also be paid.

As already reported, the companies are looking to remove certain reporting requirements and make other changes to the indenture.

Holders have the option to tender their notes with consents or deliver consents without tendering. Excluding notes held by those related to Verizon Wireless and its subsidiaries, $190 million of the securities is outstanding.

The consent solicitation and tender offer will expire at 5 p.m. ET on March 18.

Global Bondholder Services Corp. is the information agent (866 470-3700). Goldman, Sachs & Co. is the dealer manager (call collect 212 357-4692 or 800 828-3182).

Based in Basking Ridge, N.J., Verizon Wireless operates a wireless voice and data network.

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