OKLAHOMA CITY, Sept. 15, 2003 (PRIMEZONE) -- Dobson Communications Corporation (Nasdaq:DCEL) today announced that, as of the close of business on Friday, September 12, 2003, an aggregate of $183,255,000 principal amount of Dobson/Sygnet Communications Corporation's outstanding 12.25% Senior Notes (CUSIP No. 25607PAB4) ("Notes"), or 97.2% of the total outstanding, have been tendered in connection with Dobson/Sygnet's Offer to Purchase and Consent Solicitation for these notes.
The Consent Solicitation, in which Dobson/Sygnet is seeking the necessary consents to remove certain covenants from the indenture governing its outstanding Notes, expired at 5 p.m. ET, Friday, September 12, 2003. The Offer to Purchase continues in effect and will expire at 5 p.m. ET, October 7, 2003. Dobson/Sygnet expects to close the Offer to Purchase on Tuesday, October 7, 2003, or as soon thereafter as is practicable.
Pursuant to the Offer to Purchase and the Consent Solicitation, Dobson/Sygnet will pay the holders of Notes who tendered prior to the Consent Solicitation expiration date aggregate consideration of $1,077.57 per $1,000 principal amount of Notes tendered, plus accrued and unpaid interest on the tendered principal amount. Holders of Notes who tender their Notes after the Consent Solicitation expiration date, but prior to the Offer to Purchase expiration date, will receive $1,047.57 per $1,000 principal amount of Notes tendered, plus accrued and unpaid interest on the tendered principal amount.
Dobson/Sygnet intends to execute a Supplemental Indenture that will, among other things, eliminate all events of default with respect to the Notes other than events of default relating to the failure to pay principal of and interest on the Notes and eliminate covenants in the Indenture that, among other things, have limited Dobson/Sygnet's ability to pay dividends, make distributions and certain investments, acquire or prepay junior securities, incur debt, sell assets, enter into certain transactions with affiliates and incur liens. The Supplemental Indenture will be operative upon consummation of the Offer to Purchase.
This press release contains ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the Company's plans, intentions and expectations. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, but are not limited to, the completion of the transactions involved in the American Cellular restructuring. A more extensive discussion of the risk factors that could impact these areas and the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements.