OKLAHOMA CITY, Oct. 9, 2003 (PRIMEZONE) -- Dobson Communications Corporation (Nasdaq:DCEL) has been advised by Banc of America Strategic Solutions, Inc., a subsidiary of Bank of America Corporation (NYSE: BAC), that it has agreed to sell an aggregate of approximately 28.6 million shares of Dobson's Class A common stock to approximately 48 institutional investors and funds, some of which are affiliated with one another. The sales are expected to be completed Tuesday, October 14, 2003.
As a result of these sales, Bank of America Corporation's remaining ownership interest in Dobson will consist solely of options to acquire an aggregate of 400,000 shares of Class A common stock.
Many of the purchasers had acquired Dobson stock prior to these transactions. After giving effect to their purchases, none of these purchasers will own 10 percent or more of the Company's outstanding shares of Class A common stock. Dobson currently has approximately 114.2 million shares of Class A common stock and 19.4 million shares of Class B common stock outstanding.
Dobson Communications is a leading provider of wireless phone services to rural markets in the United States. Headquartered in Oklahoma City, the Company owns or manages wireless operations in 16 states. For additional information on the Company and its operations, please visit its Web site at www.dobson.net.