LITTLE ROCK, Ark.—Alltel Corp. announced plans to purchase up to $1 billion of its outstanding notes, as part of the carrier’s strategy to reduce debt.
The cash tender offers is set to involve four series of notes that total $1.4 billion, with the highest priority for the tender offer being about $700,000 of notes that are due in 2007. The tender offers expire on Aug. 25.
J.P. Morgan Securities Inc. and Wachovia Securities are the exclusive dealer-managers for the transactions, and Global Bondhodler Service Corp. is the depository and information agent.
