Cellular Communications International, Inc. Announces Concurrent Offering.NEW YORK--(BUSINESS WIRE)--February 25, 1998--Cellular Communications International, Inc. (Nasdaq: CCIL CCIL Chester County InterLink (West Chester, Pennsylvania) CCIL Clearing Corporation of India Limited CCIL Canadian Council of Independent Laboratories ) announced that it intends to complete a concurrent offering of EURO 138,000,000 (gross proceeds) (or approximately $150 million of gross proceeds) Senior Discount Notes due 2005 (the "Senior Notes") and $75,000,000 Convertible Subordinated Notes due 2005 (the "Convertible Notes"). The Senior Notes will accrue interest for the first five years and then carry a cash-pay coupon and the Convertible Notes will carry a cash-pay current coupon Current coupon A bond selling at or close to par, that is, a bond with a coupon close to the yields currently offered on new bonds of a similar maturity and credit risk. current coupon from their issuance. The use of proceeds of these offerings will be to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. existing indebtedness of the Company. The Senior Notes and the Convertible Notes will not have been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Senior Notes and the Convertible Notes will be offered and sold within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. under Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. only to "qualified institutional buyers In law, a Qualified Institutional Buyer is a purchaser of securities that is financially sophisticated and is legally recognized by security market regulators to need less protection from sellers than most members of the public. " and outside the United States in accordance with Regulation S under the Securities Act. CONTACT: For further information: Stanton N. Williams, Vice President-Chief Financial Officer Richard J. Lubasch, Senior Vice President-General Counsel 212/906-8480 |
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