Citizens Communications Completes Tender Offers for its Debt Securities.Business Editors STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--Dec. 12, 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 purchased approximately $341.7 million of its debt securities pursuant to tender offers announced on Dec. 3, 2002. The purchase is part of Citizens Communications' ongoing program of debt reduction. Including today's announcement, during 2002 Citizens Communications has retired approximately $1.062 billion 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. , or 16.4 percent of its debt outstanding at the beginning of the year. As a result of the success of the tender offers, on a pro-forma basis, interest expense in 2003 will be reduced by approximately $21.8 million. The securities that were purchased included $82,286,000 of Citizens Communications' outstanding 6.80 percent Debentures due Aug. 15, 2026, and $259,389,000 of the outstanding 6.05 percent Notes due May 15, 2004 issued by Citizens Communications' wholly-owned subsidiary Electric Lightwave, Inc. The settlement date of the tender offers is Dec. 12, 2002. The company expects that it will record a pre-tax charge for the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt of approximately $12.8 million during the quarter ended Dec. 31, 2002. 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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