OKLAHOMA CITY, Oct. 22, 2003 (PRIMEZONE) -- Dobson Communications Corporation (Nasdaq: DCEL) and its wholly owned subsidiary, Dobson/Sygnet Communications Company, today jointly announced an extension of Dobson/Sygnet's previously announced cash tender offer for Dobson/Sygnet's outstanding 12 1/4% Senior Notes due 2008 (CUSIP No. 25607PAB4).
On September 8, 2003, Dobson/Sygnet initiated a cash tender offer (the "Offer") for any and all of its outstanding 12 1/4% Senior Notes (the "Notes") and a solicitation of consents (the "Consent Solicitation") to the indenture governing the Notes. An aggregate of $188.5 million principal amount of Notes is outstanding. The consideration offered in the Offer is an amount equal to $1,077.57 per $1,000 aggregate principal amount of Notes, plus accrued and unpaid interest to, but not including, the settlement date, payable in cash on the settlement date. The consideration offered includes a Consent Solicitation fee equal to $30 per $1,000 principal amount of the Notes.
The Offer was originally scheduled to expire at 5:00 p.m. EDT on October 7, 2003. On October 7, 2003, Dobson/Sygnet issued a press release extending the Dobson/Sygnet Offer until 12:00 p.m. Midnight EDT on Tuesday, October 21, 2003. As of that time, $183,255,000 of aggregate principal amount of Notes had been tendered. The expiration time for the Dobson/Sygnet Offer has been extended until 12:00 Midnight EDT, on Thursday, October 23, 2003.
Dobson currently expects the closing of its new $700 million senior credit facility, which is a condition of the Offer, to occur on October 23, 2003. The terms and conditions of the Offer and the related Consent Solicitation will continue in full force and effect through the new expiration dates.
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 http://www.dobson.net.
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 Dobson'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 closing of Dobson's new secured credit facility. A more extensive discussion of the risk factors that could impact these areas and Dobson's overall business and financial performance can be found in Dobson's reports filed with the Securities and Exchange Commission. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements.