Cellcom Corp, Clifton, New Jersey has raised $15m in a private placing of 14% seven-year senior subordinated notes and 6m warrants to purchase common stock with investors including Bear, Stearns & Co Inc, Quest Equities Corp, an affiliate of the ADCO Group, and Lexington Management Corp. Proceeds will enable the company to expand the number of cellular telephone subscribers which it services as a reseller – it currently services some 42,500 subscribers, principally in the New York and Los Angeles areas. The financing will also provide capital to open new markets and replace higher-cost debt.
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