Cellular Communications International, Inc. Prices Concurent Offering.NEW YORK--(BUSINESS WIRE)--March 11, 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 today that it priced a concurrent offering of Senior Notes due 2005 (the "Senior Notes") and Convertible Subordinated Notes due 2005 (the "Convertible Notes" and, together with the Senior Notes, the "Notes"). The Company will raise approximately Euro 147 million (approximately $163 million) of gross proceeds from the issue of the Senior Notes and approximately $75 million from the issue of the Convertible Notes. The Senior Notes will be issued at 62.455% of the aggregate principal amount at maturity of the Senior Notes. The issue price of each Senior Note represents a yield to maturity of 9.55%. There will be no periodic cash interest payments on the Senior Notes until October 1, 2003, at which time cash interest on the Senior Notes will be payable semiannually sem·i·an·nu·al adj. Occurring or issued twice a year. sem  i·an at a rate of 9.50%. The Convertible Notes are convertible at the option of the holder into shares of the Company's common stock at any time at or before maturity at a conversion rate of $59.92 per share. The Convertible Notes shall bear interest at a rate of 6.00% which is payable semiannually, commencing October 1, 1998. Use of proceeds of the offering 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 Notes will not be 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 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 to "qualified institutional buyers." CONTACT: Cellular Communications International, Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Stanton N. Williams/Richard J. Lubasch, 212/906-8480 |
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