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Citizens Communications Commences Tender Offers for its Debt Securities.


Business Editors

STAMFORD, Conn.--(BUSINESS WIRE)--Dec. 3, 2002

Citizens Communications Citizens Communications is the parent company of Frontier Telephone, providing telephone and internet access in 24 states.

The company headquarters are located at 3 High Ridge Park in Stamford, Connecticut.
 Company (NYSE NYSE

See: New York Stock Exchange
: CZN) today announced that it has commenced tender offers for any and all of its outstanding 6.80 percent Debentures due Aug. 15, 2026 at a price of $1,027.50 per $1,000 in principal amount of Debentures and any and all of the outstanding 6.05 percent Notes due May 15, 2004 issued by Citizens Communications' wholly-owned subsidiary Electric Lightwave, Inc. at a price of $1,035 per $1,000 in principal amount of Notes (the "Offers").

The Offers are part of Citizens Communications' ongoing program of debt reduction. Citizens has retired approximately $720 million of indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421.
     2.
 during 2002, or 12 percent of its debt outstanding at the beginning of the year.

The Offers are made upon the terms and subject to the conditions set forth in the Offer to Purchase dated Dec. 3, 2002. Each tender offer is made independently of the other. Each tender offer commences on Tuesday, Dec. 3, 2002 and will expire at midnight on Wednesday, Dec. 11, 2002 unless extended or terminated. Settlement will occur one business day after the acceptance of such offer. J.P. Morgan Securities Inc. and Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world.  Inc. will act as joint dealer managers and Mellon Investor Services LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
 will act as information agent for the Offers. If a holder of the Debentures or Notes desires to tender those securities pursuant to the Offers, the holder may do so through DTC's ATOP a·top  
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 program or by following the instructions in the offering documents.

This press release is neither an offer to purchase nor a solicitation solicitation

In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual
 of an offer to sell the Debentures or Notes. The Offers are made only on the terms and subject to the conditions described in the offering documents that Citizens Communications is distributing today. Holders of securities of either of the series listed above with questions about the Offers should call J.P. Morgan toll-free at 866.834.4666, Salomon Smith Barney toll-free at 800.558.3745, or the information agent toll-free at 866.323.8164. Holders who want copies of the offering documents should call the information agent toll-free at 866.323.8164.

More information about Citizens can be found at www.czn.net.

This document contains forward-looking statements forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
 that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. These and all forward-looking statements (including oral representations) are only predictions or statements of current plans that are constantly under review by the company. All forward-looking statements may differ from actual results because of, but not limited to, changes in local and national economies, the state of the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications.  industry, changes in market conditions for debt and equity securities, the nature and pace of technological changes, the number and effectiveness of competitors in the company's markets, success in overall strategy, changes in legal or regulatory policy, changes in legislation, the mix of products and services offered in the company's markets, the effects of acquisitions and dispositions and the ability to effectively integrate businesses acquired. These important factors should be considered in evaluating any statement contained herein and/or made by the company or on its behalf. The foregoing information should be read in conjunction with the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, reports on Forms 10-K and 10-Q. The company does not intend to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact.
     2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or
.
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Publication:Business Wire
Geographic Code:1USA
Date:Dec 3, 2002
Words:590
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