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GREENSBORO, N.C.-Vanguard Cellular Systems Inc. commenced a cash tender offer and consent solicitation relating to its $200 million outstanding principal amount of 9.38 percent senior debentures due April 15, 2006.
The purchase price will be based on a fixed spread of 50 basis points over the yield on the 6.38 percent U.S. Treasury Note due March 31, 2001, minus an amount equal to the consent payment, said the company. The purchase price will be fixed on the second business day prior to the expiration date, said the company. The offer is set to expire at midnight Dec. 3.
