Citizens Announces Expiration of Tender Offer for Commonwealth Telephone Enterprises, Inc.'s Convertible Notes Due 2023.STAMFORD, Conn. -- Citizens Communications Company (NYSE NYSE See: New York Stock Exchange : CZN) announced today the final results of the previously announced cash tender offer (the "Offer") to purchase any and all of the outstanding 3i% Convertible Notes due 2023 (CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. Nos. 203349AB1; 203349AA3) (the "2003 Notes") and 2005 Series A 3i% Convertible Notes due 2023 (CUSIP No. 203349AC9) (the "2005 Notes" and, together with the 2003 Notes, the "Notes") of Commonwealth Telephone Enterprises, Inc. ("Commonwealth"), upon the terms and conditions set forth in the Notice of Designated Event and Offer to Purchase (the "Offer to Purchase") and the related letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. (the "Letter of Transmittal"), each dated March 23, 2007. As a result of Citizens' acquisition of Commonwealth on March 8, 2007 pursuant to the Agreement and Plan of Merger dated as of September 17, 2006, among Citizens, CF Merger Corp, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Citizens, and Commonwealth, the tender offer was required pursuant to the terms of the indentures under which the Notes were issued. The Offer expired at 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on April 20, 2007. The purchase price for the Notes in the Offer was $1,008.85 in cash per $1,000 principal amount of Notes, which is equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, April 23, 2007. No Notes were tendered in the Offer. Following the Offer, $27,067,000 aggregate principal amount of the Notes remain outstanding, for which conversion notices have not been received. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. served as the paying agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. and depositary for the Offer. Questions regarding the Offer may be directed to The Bank of New York at (212) 815-5920, or in writing to The Bank of New York, Corporate Trust Operations, Reorganization Unit, 101 Barclay Street -- 7 East, New York, NY 10286, Attention: Carolle Montreuil. Note to Investors This announcement is neither an offer to purchase nor a solicitation of an offer to sell any Notes. The Offer for the Notes was made only by, and subject to the terms and conditions set forth in, the Offer to Purchase and the Letter of Transmittal dated March 23, 2007. About Citizens Communications Company Citizens Communications Company (NYSE: CZN) is a full-service communications provider and one of the largest local exchange telephone companies in the country. Under the Frontier brand name, the company offers telephone, television and internet services, as well as bundled offerings, ESPN ESPN Entertainment and Sports Programming Network 360 streaming video, residential security solutions and specialized bundles for small businesses and home offices. For more information about Citizens, please visit www.czn.net. |
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