NXTL receives consents and announces pricing for bond prices.
MCLEAN, Va., March 24 /PRNewswire/ -- Nextel Communications, Inc. (Nasdaq: NXTL - news) today announced that as of 5:00 p.m., New York City time, on March 20, 1998, holders of more than a majority in principal amount of the Company's outstanding 11.50% Senior Redeemable Discount Notes due 2003 (the ''2003 Notes'') and holders of more than 66-2/3% in principal amount of the Company's outstanding 12-1/4% Senior Redeemable Discount Notes due 2004 (the ''2004 Notes'' and together with the 2003 Notes, the ''Notes'') had tendered Notes and delivered consents in connection with the Company's cash tender offer and consent solicitation announced on March 6, 1998.
Under the terms of the offer to purchase and consent solicitation, Holders who tendered their Notes and delivered related consents by 5:00 p.m., New York City time, on March 20, 1998 will be entitled to receive on April 6, 1998, the date the Notes are currently scheduled to be accepted for payment, total consideration of $1,025.59 per $1,000 principal amount of 2003 Notes tendered and $1,006.06 per $1,000 principal amount of 2004 Notes tendered, of which $10.00 constitutes a consent payment. Holders who validly tender Notes and deliver the related consents after 5:00 p.m., New York City time, on March 20, 1998 but before 5:00 p.m., New York City time, on the expiration date, which will be April 3, 1998, unless extended, will not be entitled to receive a consent payment, but will be entitled to receive the balance of the total consideration being offered for the Notes.
This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to the Notes. The tender offers and consent solicitations are being made solely pursuant to Nextel's Offer to Purchase and Consent Solicitation Statement dated March 3, 1998.
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