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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
April 15, 1998
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Date of Report (Date of earliest event reported)
Heartland Wireless Communications, Inc.
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(Exact Name of registrant as specified in its charter)
Delaware 0-23695 73-1435149
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
200 Chisholm Place, Suite 200, Plano, Texas 75075
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(Address of Principal Executive Offices) (Zip Code)
(972) 423-9494
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
As permitted by General Instruction F to Form 8-K promulgated under
the Securities Exchange Act of 1934, as amended, Heartland Wireless
Communications, Inc., a Delaware corporation (the "Registrant") is filing as an
exhibit to this Current Report on Form 8-K that certain press release issued by
and on behalf of the Registrant on April 15, 1998, which such press release is
specifically incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(a) Exhibits.
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Exhibit No. Document Description
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99.1 Press Release issued by the Registrant on April 15, 1998.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report to be signed on its behalf
by the undersigned hereunto duly authorized.
HEARTLAND WIRELESS COMMUNICATIONS, INC.
Dated: April 15, 1998 By: /s/ J. Curtis Henderson
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J. Curtis Henderson
Vice President and General
Counsel
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EXHIBIT INDEX
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Exhibit No. Document Description
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<S> <C>
99.1 Press release issued by the Registrant on April 15, 1998
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
April 15, 1998
Contact: Carroll D. McHenry
Chairman, President, and CEO
(972) 633-4037
HEARTLAND WIRELESS COMMUNICATIONS ANNOUNCES
IT WILL NOT MAKE INTEREST PAYMENT ON 13% SENIOR NOTES
Dallas, Texas - Heartland Wireless Communications, Inc. (NASDAQ:
HART), America's largest wireless cable television company, today announced
that it will not make a semiannual interest payment of $7.5 million due today
on $115 million original principal amount of 13% Series B and C Senior Notes.
"As we have previously indicated, the Company has retained the
investment banking firm of Wasserstein Perella & Co. to analyze all options
available to finance the Company's projected business plan and service its
existing debt. In consultation with Wasserstein Perella, the Company intends
to begin discussions with debt holders regarding a restructuring of all of the
Company's debt, including the 13% notes and $125 million original principal
amount of 14% Senior Notes," said Carroll McHenry, Chairman and CEO of
Heartland. "We remain confident in our business plan and in the long-term
viability of the Company, and that we will be able to complete a restructuring
which will allow the Company to achieve its ultimate potential," said Mr.
McHenry.
Failure to make the interest payment on the 13% notes could permit the
holders to accelerate payment of these notes and could permit the holders of
the 14% notes to accelerate payment of the 14% notes as well. The Company
currently does not have sufficient funds available to pay in full the
indebtedness outstanding under either the 13% notes or the 14% notes in the
event that any of this indebtedness is accelerated. The Company noted that in
the event of any such acceleration, the Company would consider all available
alternatives at that time.
Heartland Wireless Communications, Inc. is America's largest wireless
cable television company, currently servicing approximately 179,000 subscribers
in 57 markets. Heartland holds wireless cable channel rights in 90 small to
mid-size markets located in the central United States. In addition, Heartland
owns a 20 percent equity interest in Wireless One, Inc. (NASDAQ: WIRL), the
largest rural wireless cable operator in the southeastern United States, and a
36 percent equity interest in CS Wireless Systems, Inc., one of the largest
wireless cable companies in the United States in terms of subscribers and
line-of-sight households.
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