Century calls for redemption of its Debentures.MONROE, La.--(BUSINESS WIRE)--Jan. 20, 1995--Century Telephone Enterprises, Inc. (NYSE NYSE See: New York Stock Exchange :CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic ) announced today that it had called for redemption all $115 million principal amount of its outstanding 6% Convertible Debentures due 2007 at a redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of 104.2% of the principal, plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. from Feb. 1, 1995 to Feb. 21, 1995, the redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. . The Debentures may be converted into common stock of Century on or before Feb. 13, 1995 at a conversion price of $25.33 (or 39.48 shares of common stock per $1,000 principal amount of Debentures), plus interest, if any accrued on the Debentures from Feb. 1, 1995 to the date of conversion. Regions Bank of Louisiana will be the paying and conversion agent and Chemical Bank will be the New York presenting agent. Century Telephone Enterprises, Inc., headquartered in Monroe, is a diversified telecommunications company. Century is the 14th largest local exchange telephone company and the 15th largest cellular operator in the United States. CONTACT: Century Telephone Inc., Monroe R. Stewart Ewing, Jr., 318/388-9500 |
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