American Cellular to sell $425 million notes in quickly marketed deal

By Paul A. Harris

St. Louis, Feb. 21 - American Cellular Corp. plans to place a $425 million issue of senior notes in a quickly marketed deal late next week, according to an informed source.

Morgan Stanley and Lehman Brothers will be joint bookrunners for the Rule 144A with registration rights offering. One other bookrunner will be named.

The entire offering is expected to be comprised of fixed-rate notes that will likely have an eight-year maturity.

Proceeds will be used to partially refinance American Cellular's existing 10% senior notes.

The company, a subsidiary of Oklahoma City-based Dobson Communications Corp., is also in the market with an $850 million senior secured credit facility.

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