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CELLULAR COMMUNICATIONS ANNOUNCES SALE OF ZERO COUPON CONVERTIBLE NOTES

CELLULAR COMMUNICATIONS ANNOUNCES SALE OF ZERO COUPON CONVERTIBLE NOTES
 NEW YORK, Jan. 27 /PRNewswire/ -- Cellular Communications, Inc. ("CCI") (NASDAQ: COMMP) announced today that it had completed the sale of $217 million principal amount at maturity of zero coupon convertible subordinated notes due 1999. The notes were priced at 57.568 percent of principal amount. The notes will be convertible into shares of Series A common stock of CCI at an initial conversion price of $42.84 per share.
 CCI is primarily a holding company which holds a 50 percent interest in a joint venture which owns and operates cellular telephone systems that are located predominately in Ohio and Michigan.
 CCI also reminded stockholders and others that, as previously announced, each share of CCI's redeemable participating convertible preferred stock of CCI will, upon a change in beneficial ownership thereof following 5 p.m. (New York time) on Jan. 28, 1992, automatically and without any further action on the part of CCI or any other person be converted into shares of CCI Series A common stock. After Jan. 28, 1992, the Series A common stock will trade on NASDAQ-NMS and the Midwest Stock Exchange under the symbol "COMMA."
 -0- 1/27/92
 /CONTACT: Richard J. Lubasch, vice president-general counsel of Cellular Communications, 212-319-7014/
 (COMMP) CO: Cellular Communications, Inc. ST: New York IN: TLS SU:


SM-OS -- NY053 -- 3700 01/27/92 11:37 EST
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Publication:PR Newswire
Date:Jan 27, 1992
Words:231
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