FiberTower Announces Completion of Mandatory Redemption and Reverse Stock Split

SAN FRANCISCO, Dec. 23 /PRNewswire-FirstCall/ — FiberTower Corporation (Nasdaq: FTWR), a wireless services backhaul provider, today announced that it has completed the mandatory redemption of the Company’s 9.00% Mandatorily Redeemable Convertible Senior Secured Notes due 2012 (the “Interim Notes”). The closing of the transaction strengthens the Company’s balance sheet by reducing total debt outstanding by $153.3 million to $140.5 million and extending debt maturity. In addition, the Company’s annual cash interest payments have been reduced by $23.2 million to $5.8 million (including cash interest on untendered 9.00% Convertible Senior Secured Notes due 2012 (the “Existing Notes”)).
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