Dobson Communications Announces Completion of the Redemption of Its Outstanding Series F Convertible Preferred Stock

Oklahoma City, Oklahoma, UNITED STATES


OKLAHOMA CITY, Oct. 4, 2007 (PRIME NEWSWIRE) -- Dobson Communications Corporation (the "Company") (Nasdaq:DCEL) announced today that it has completed the redemption of its outstanding shares of Series F Convertible Preferred Stock (CUSIPs: 256069709, 256069600, 256069402 and U25401206) (the "Series F Preferred Stock"). On August 20, 2007, the date that the Company announced the redemption, there were 759,896 shares of Series F Preferred Stock outstanding.

Following the announcement of the redemption, holders of 758,060 shares of Series F Preferred Stock converted their shares into shares of the Company's Class A Common Stock in accordance with the Certificate of Designation for the Series F Preferred Stock. As a result of these conversions, the Company will issue a total of 15,470,565 shares of its Class A Common Stock. The Company will also pay a total of approximately $280 in cash to certain converting holders in lieu of issuing fractional shares of Class A Common Stock. After giving effect to the conversion of the Series F Preferred Stock, there are approximately 170.9 million shares of the Company's Class A Common Stock outstanding as of the date of this press release.

Holders of 1,836 shares of Series F Preferred Stock did not convert their shares in accordance with the terms of the Certificate of Designation, and, consequently, the Company redeemed those shares on the October 4, 2007 redemption date at the optional redemption price. Following the redemption of those shares, there are no shares of Series F Preferred Stock outstanding. As previously announced, the optional redemption price payable for each outstanding share of Series F Preferred Stock redeemed by the Company was an amount in cash equal to (i) $178.571 per share (which represented 100% of the liquidation preference per share), plus (ii) $5.1488 per share (which represented all accumulated and unpaid dividends, including an amount in cash equal to a prorated dividend for any partial dividend period, thereon to the redemption date). The total cash payment for the shares of Series F Preferred Stock redeemed by the Company was $337,309.55.

Dobson Communications is a leading provider of wireless phone services to rural markets in the United States. Headquartered in Oklahoma City, the Company owns wireless operations in 17 states. For additional information on the Company and its operations, please visit its Web site at www.dobson.net.


        

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