OKLAHOMA CITY-Dobson Communications Corp. said it has commenced an offer to exchange up to $250 million principal amount of its 8.375-percent first-priority senior secured notes due 2011, $250 million principal amount of the first priority senior secured floating rate notes due 2011 and $325 million principal amount of the 9.875-percent second-priority senior secured notes due 2012 that were issued by subsidiary Dobson Cellular Systems Inc. Nov. 8, 2004.
The exchange will be for like notes that have been registered under the Securities Act and will be issued as additional notes on the same series under the same indentures as the old notes.
Dobson said the offer will expire June 28 and is not subject to a minimum tender condition.
Dobson’s stock was trading up more than 17 percent early Thursday at $2.88 per share, with nearly 13 million shares trading hands. Dobson’s average trading volume is around 1.2 million shares per day.
