Otelco Inc. higher on declared IDS
Shares of Otelco Inc. (AMEX: OTT) are trading higher ahead of the closing bell after the wireline telephone services provider reported earlier today that it has declared a distribution of $0.42 per Income Deposit Security (IDS).
The IDS is scheduled to be made on October 1 to holders of record at the close of business on September 14.
Each IDS will include one share of class A common stock and $7.50 principal amount of 13% senior subordinated notes due 2019.
Specifically, each IDS will consist of a dividend of $0.17625 per share of class A common stock and an interest payment on the 13% senior subordinated notes for the period from June 30, 2007 through Sept. 29, 2007 of $0.24375 per note.
Shares of Otelco gained 9.42%, or $1.32 to $15.33 ahead of the close.
