OKLAHOMA CITY-Dobson Communications Corp. and American Cellular Corp., which is currently a joint venture between Dobson and AT&T Wireless Services Inc., said they have accepted all American Cellular’s outstanding 9.5-percent senior subordinated notes that were tendered in connection with the proposed restructuring of American Cellular’s debt and equity ownership.
The restructuring includes Dobson and American Cellular exchanging an aggregate of up to $50 million in cash, more than 45 million shares of Dobson’s Class A common stock, and 700,000 shares of a new series of Dobson convertible preferred stock valued at $125 million and convertible into a maximum of 14.3 million shares of Dobson Class A common stock for $700 million outstanding principal amount of notes. Following the restructuring, American Cellular will become a wholly owned, indirect subsidiary of Dobson.
