Dobson Communications Corp. said AT&T Wireless Services Inc. sold all of its shares-more than 4.5 million-in Dobson, and as a result, AT&T Wireless has ceased to be a party to the stockholder and investors rights agreement with Dobson.
Dobson also said it will delay its planned public offering due to current stock market conditions. In September Dobson said it was considering a primary offering that would result in proceeds of as much as $150 million.
Dobson’s stock was up about 3 percent following the announcement to about $8.03 per share.
AT&T Wireless’ stake in the rural operator dropped from nearly 12 percent in June to less than 4 percent as of late August, according to Securities and Exchange Commission filings, due to the recent issuance of new stock by Dobson.
In September, Dobson said its wholly owned Dobson Cellular Systems Inc. subsidiary received a commitment for a new $700 million secured credit facility, expected to be completed in this month. Dobson also announced it completed its private offering of $650 million aggregate principal amount of 8.875-percent senior notes due 2013.
