OKLAHOMA CITY, June 6, 2006 (PRIMEZONE) -- Dobson Communications Corporation (the "Company") announced today that the cash tender offer for any and all of the First Priority Senior Secured Floating Rate Notes due 2011 (CUSIP No. 256067AF6) (the "Notes") issued by its wholly owned subsidiary Dobson Cellular Systems, Inc. ("Dobson Cellular") expired at 12:00 midnight, New York City time, on June 5, 2006. Dobson Cellular has received validly tendered Notes from holders of $234.4 million, or 93.8% of the aggregate outstanding principal amount of Notes.
Dobson Cellular accepted for purchase $232.4 million in aggregate principal amount of tendered Notes on May 23, 2006, the initial settlement date. Holders who validly tendered Notes prior to the consent time (5:00 p.m., New York City time, on Friday, May 19, 2006) received total consideration per $1,000 principal amount of Notes tendered of $1,038.45, which includes a consent payment of $30.00, plus accrued and unpaid interest up to, but not including, the initial settlement date.
An additional $2.0 million in aggregate principal amount of Notes was tendered subsequent to the consent time and prior to the expiration time. Dobson Cellular will accept for payment these additional tendered Notes on the final settlement date, expected to be June 6, 2006. Holders who validly tendered Notes after the consent time and prior to the expiration time will receive tender consideration per $1,000 principal amount of Notes tendered of $1,008.45, plus accrued and unpaid interest up to, but not including, the final settlement date.
Morgan Stanley & Co. Incorporated acted as Dealer Manager and Solicitation Agent for the tender offer and consent solicitation. Bondholder Communications Group served as the Information and Tender Agent for the tender offer and consent solicitation.
This press release is for informational purposes only and is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of a consent with respect to any of the Notes. The tender offer and consent solicitation were made solely pursuant to Dobson Cellular's Offer to Purchase and Consent Solicitation Statement dated May 8, 2006, which has previously been distributed to holders of the Notes.
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 16 states, with markets covering a population of 11.9 million. The Company serves approximately 1.5 million customers. For additional information on the Company and its operations, please visit its Web site at http://www.dobson.net.
This press release contains "forward-looking statements" that are subject to risks and uncertainties. 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. 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 and other filings filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements.