Centennial Communications Corp. said it will offer 30 million shares of common stock in a public offering under its existing shelf registration statement and use the proceeds to repay its unsecured subordinated notes due 2009.
Centennial, which is expected to release its first fiscal quarter results tomorrow, also announced that Carmen Culpeper resigned from the company’s board of directors and will now serve as a consultant to the company in marketing and regulatory affairs in Puerto Rico. James Pellow, who served as executive vice president and treasurer of St. John’s University since 1999, has been named to serve the remainder of Culpeper’s term and will join Centennial’s audit committee.
Centennial’s stock was trading down more than 2 percent in early Thursday trading at $5.60 per share.
