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MOBILE TELECOMMUNICATIONS TECHNOLOGIES ANNOUNCES PUBLIC OFFERING OF CONVERTIBLE SUBORDINATED DEBENTURES DUE 2002

 MOBILE TELECOMMUNICATIONS TECHNOLOGIES ANNOUNCES
 PUBLIC OFFERING OF CONVERTIBLE SUBORDINATED DEBENTURES DUE 2002
 JACKSON, Miss., May 20 /PRNewswire/ -- Mobile Telecommunications Technologies Corp. (Mtel) (NASDAQ-NMS: MTEL) announced today the public offering of $75,000,000 in principal amount of 6.75 percent convertible subordinated debentures due May 15, 2002. The debentures are convertible into shares of common stock of the company at a conversion price of $10 per share. The debentures are being offered for sale by an underwriting syndicate managed by Bear, Stearns & Co. Inc. and Alex. Brown & Sons Incorporated.
 Approximately $22 million of the net proceeds from the sale of the debentures will be used by the company to prepay indebtness outstanding under a revolving credit facility maintained by SkyTel Corp. The company will use approximately $35 million of the net proceeds to finance capital expenditures, including those related to the construction of a system to utilize a second common 931 MHz frequency that will supplement the existing SkyTel nationwide paging and voice messaging system, and will use the balance for general corporate purposes.
 The company has granted the underwriters an over-allotment option for 30 days to purchase up to an additional $11,250,000 principal amount of debentures.
 Mtel, headquartered in Jackson, Miss., is engaged in businesses that include nationwide paging and voice messaging services (provided through SkyTel Corp.) in the United States; international messaging services provided by Mtel International, Inc.; an investment in American Mobile Satellite Corp.; and other operations. Mtel's common stock is quoted on the NASDAQ National Market System under the symbol MTEL. The debentures will be traded in the over-the-counter market and quoted on the NASDAQ System under the symbol MTELG.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has become effective. These securities are being offered only by means of a prospectus which may be obtained from Bear, Stearns & Co. Inc., 245 Park Avenue, New York, N.Y. 10167 and Alex. Brown & Sons Incorporated, 135 E. Baltimore St., Baltimore, MD 21202.
 -0- 5/20/92
 /CONTACT: David Allen or Kate Baum of Burson-Marsteller, 212-614-5163 or 212-614-4239, for Mtel/
 (MTEL) CO: Mobile Telecommunication Technologies Corp. ST: Mississippi IN: TLS SU: OFR


KD-SM -- NY110 -- 2560 05/20/92 18:26 EDT
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Publication:PR Newswire
Date:May 20, 1992
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