Comsat Corp. said its offer to repurchase 8.13 percent debentures due April 1, 2004, was concluded April 9. The company repurchased $89.5 million of the $160 million in principal amount of debentures outstanding.
Globalstar Telecommunications Ltd.’s board of directors declared a two-for-one split on the company’s stock. The stock dividend will be paid on May 28 to shareholders of record on May 12.
Illuminet Inc. formed an agreement with Telesite Services L.L.C. to volume purchase Telesite’s wireless site acquisition, management, leasing and construction services. The agreement allows members of the Illuminet Procurement Consortium to buy Telesite’s services at volume rates, the companies said. More than 200 companies participate in the consortium, Illuminet said.
Paging Network Inc. said in May it will redeem all of its outstanding $200 million of 11.75 percent senior subordinated notes. The company expects the redemption to translate into a loss of approximately $15 million for the second quarter and a savings of $4 million in interest expenses. The redemption will be funded by a $1 billion bank credit agreement, the company said. PageNet said its capital requirements for the year will be met through internally generated cash and its bank credit agreement.
Sygnet Wireless Inc. said it completed the repurchase of nearly half of its outstanding class A non-voting preferred stock. The company repurchased 100,000 shares for an aggregate price of $10 million, said Sygnet. The repurchase was funded with proceeds from an existing bank credit facility. The stock was issued in 1996 in conjunction with Sygnet’s acquisition of certain properties from Horizon Cellular Telephone Co. Sygnet owns and operates cellular systems under the Cellular One and Wilcom Cellular brand names in Ohio, Pennsylvania and New York.
Nokia Corp. said it will build new offices in Irving, Texas, to serve as the headquarters for its Americas operation. The new headquarters will consist of 200,000 square feet of office space on an 11-acre site. Construction is scheduled to begin in the coming weeks, and the facility should be completed early next year, the company said. Nokia corporate headquarters are in Espoo, Finland.
AT&T Wireless Services Inc. introduced its “Tri-State At Your Home Rate” plan, which allows digital cellular customers in Pennsylvania, West Virginia and Ohio to make calls from anywhere in those states at home calling rates. In addition, AT&T said it is adding Caller ID, voice mail with message waiting indicator and detailed billing to plans starting at $25 per month with no activation fee. The company is also offering L.M. Ericsson DH318 phones for under $100 for a limited time.
