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Technology Stocks : CAWS - Wireless Cable (New and Improved) -- Ignore unavailable to you. Want to Upgrade?

To: Zorro who wrote (4790)	3/4/1998 10:32:00 AM
From: Zorro	Read Replies (1) \| Respond to of 5812

CAI Wireless Swaps Debt, Pfd Securities For $30M Note 18:13 DJ ALBANY, N.Y. (Dow Jones)--CAI Wireless Systems Inc. (CAWS) exchanged about $143 million of debt and preferred equity securities held by an investor for a new $30 million 12% subordinated note due 2005. In a press release Tuesday, CAI said the exchanged securities comprise $30 million of 14% term notes and $70 million of senior preferred stock, plus accrued dividends. CAI may prepay the 12% subordinated note at a discount of up to $27 million at any time before June 1 should there be a significant increase in the market value of its high-yield bonds. Also, the investor exchanged stage I and stage II warrants and warrants to buy CAI common stock for 2,500 CAI common shares. CAI operates subscription wireless cable systems. (END) DOW JONES NEWS 03-03-98