OKLAHOMA CITY-Regional wireless operator Dobson Communications Corp. entered into agreements with certain holders of its 12.25-percent and 13-percent senior exchangeable preferred stock that will exchange 8,700 shares of the 12.25-percent stock and 30,021 shares of the 13-percent stock for 5.982 million shares of Dobson’s class A common stock and $1.6 million in cash.
Dobson noted the deal will result in the decrease of its outstanding liquidation preference of the 12.25-percent and 13-percent stock from $71.7 million to $33 million. The carrier added that it may enter into similar transactions in the future.
Dobson’s stock was trading down 7 cents per share early Tuesday at $8.05 per share.
