OKLAHOMA CITY-Dobson Communications Corp. noted in a Securities and Exchange Commission filing that it plans to exchange cash or Class A common stock for all of its outstanding 12.25-percent senior exchangeable preferred stock and 13-percent senior exchangeable preferred stock. The rural wireless provider said the exchange is intended to reduce its long-term obligations, simplify its capital structure and improve the liquidity of its common stock.
In connection with the exchange offer, Dobson said it was also soliciting consents from holders of its 12.25-percent preferred stock and 13-percent preferred stock to amend the respective certificate of designation governing each series of preferred stock to eliminate all voting rights, other than voting rights required by law, and substantially all of the restrictive covenants applicable to the preferred stock. In addition, Dobson is asking stock holders to waive compliance with the provisions of the certificates of designation that are proposed to be eliminated for at least 18 months after the expiration date of the proposed offer.
Dobson’s stock was trading up more than 2 percent early Tuesday at $1.78 per share.
