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      Rural Cellular Corporation Completes Issuance of $425 million Senior Subordinated
      Floating Rate Notes
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      of
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                CELLULAR CORPORATION</strong></font></div>
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                762-2000</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2.03</strong></font><a name="Item2_03_195347"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;Creation
      of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
      Arrangement of a Registrant.</strong></font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      May
      30, 2007, Rural Cellular Corporation (the &#8220;Company&#8221;), pursuant to a purchase
      agreement entered into with Bear Stearns &amp; Co. Inc. (the &#8220;Initial
      Purchaser&#8221;) on May 24, 2007, issued and sold in a private placement, for resale
      under Rule 144A and Regulation S of the Securities Act, as amended, $425,000,000
      in aggregate principal amount of senior subordinated floating rate notes due
      2013 (the &#8220;Notes&#8221;). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following agreements were entered into in connection with the closing of such
      issuance and sale: (i) the Company and Wells Fargo Bank, N.A., as trustee,
      entered into an Indenture governing the Notes (the &#8220;Indenture&#8221;) and (ii) the
      Company and the Initial Purchaser entered into a Registration Rights Agreement
      with respect to the Notes (the &#8220;Registration Rights Agreement&#8221;). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Notes
      will mature on June 1, 2013 and bear interest at three-month LIBOR plus 3.00%
      per year, adjusted quarterly. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Notes
      are redeemable at the Company&#8217;s option beginning June 1, 2008, at 102.000% of
      principal,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">plus
      accrued and unpaid interest, declining to 101.000% at June 1, 2009, and 100.000%
      at June 1, 2010. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior
      to
      June 1, 2008, the Company may, at its option, redeem up to 35% of the original
      aggregate principal amount of the Notes with the net cash proceeds of certain
      sales of equity securities at 100.000% of principal, plus accrued and unpaid
      interest, if any and to the extent that, after such redemption, at least 65%
      of
      the aggregate principal amount of the Notes remains outstanding. In addition,
      prior to June 1, 2008, the Company may, at its option, redeem some or all of
      the
      Notes at an established &#8220;make whole&#8221; price. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Indenture provides that, if an event of default occurs and is continuing, either
      the Trustee or the holders of at least 25% in aggregate principal amount of
      the
      Notes then outstanding may declare all principal, accrued interest, if any,
      immediately due and payable, except that an event of default resulting from
      certain events of bankruptcy, insolvency or reorganization in respect of the
      Company or certain of its subsidiaries will automatically cause all principal,
      accrued interest, if any, to become immediately due and payable. Events of
      default include: (i) failure to pay any installment of interest on the Notes
      when due and payable and the continuance of any such failure for 30 days; (ii)
      failure to pay principal, or premium, if any, on the Notes when due and payable;
      (iii) failure to observe or perform any other covenant or agreement contained
      in
      the Notes or the Indenture and, subject to certain exceptions, the continuance
      of such failure for a period of 60 days after notice to the Company, (iv)
      certain events of bankruptcy, insolvency or reorganization in respect of the
      Company or certain of its subsidiaries; and (v) certain defaults in indebtedness
      with an aggregate amount outstanding in excess of $20 million.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Notes
      rank junior in right of payment to the Company&#8217;s existing and future senior
      indebtedness and rank equally with all of its existing and future senior
      subordinated indebtedness.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Registration Rights Agreement obligates the Company to file a registration
      statement with the Securities and Exchange Commission (the &#8220;SEC&#8221;) allowing for
      the exchange of the Notes for registered notes having substantially identical
      terms as the Notes and evidencing the same indebtedness as the Notes. Under
      the
      Registration Rights Agreement, the Company has agreed to use its commercially
      reasonable efforts to cause a registration statement filed with the SEC covering
      the re-sale of the Notes to become effective within 240 days after May 30,
      2007.
      The Company also has agreed, in specified circumstances, to file a shelf
      registration statement to cover re-sales of the Notes. The Company may be
      required to pay liquidated damages if it fails to comply with the registration
      and exchange requirements set forth in the Registration Rights Agreement.
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
      duly caused this report to be signed on its behalf by the undersigned thereunto
      duly authorized.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RURAL
      CELLULAR CORPORATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 243pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 378pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
      Richard P. Ekstrand</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 378pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Richard
      P. Ekstrand</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 378pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>President
      and Chief Executive Officer</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
      May
      30, 2007</font></div>
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Rural Cellular Corporation Completes Issuance of $425 million Senior Subordinated
      Floating Rate Notes
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
Date
      of
      Report (Date of earliest event reported): May 30, 2007
RURAL
                CELLULAR CORPORATION
(Exact
                name of Registrant as Specified in its Charter)
Minnesota
(State
                or other Jurisdiction of Incorporation)
0-27416
41-1693295
(Commission
                File Number)
(IRS
                Employer Identification No.)
3905
                Dakota Street S.W.,
Alexandria,
                Minnesota
56308
(Address
                of Principal Executive Offices)
(Zip
                Code)
Registrant's
                Telephone Number, Including Area Code
(320)
                762-2000
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (
see
General
      Instruction A.2. below):
o
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-4(c))
Item
      2.03
Creation
      of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
      Arrangement of a Registrant.
On
      May
      30, 2007, Rural Cellular Corporation (the "Company"), pursuant to a purchase
      agreement entered into with Bear Stearns & Co. Inc. (the "Initial
      Purchaser") on May 24, 2007, issued and sold in a private placement, for resale
      under Rule 144A and Regulation S of the Securities Act, as amended, $425,000,000
      in aggregate principal amount of senior subordinated floating rate notes due
      2013 (the "Notes").
The
      following agreements were entered into in connection with the closing of such
      issuance and sale: (i) the Company and Wells Fargo Bank, N.A., as trustee,
      entered into an Indenture governing the Notes (the "Indenture") and (ii) the
      Company and the Initial Purchaser entered into a Registration Rights Agreement
      with respect to the Notes (the "Registration Rights Agreement").
The
      Notes
      will mature on June 1, 2013 and bear interest at three-month LIBOR plus 3.00%
      per year, adjusted quarterly.
The
      Notes
      are redeemable at the Company's option beginning June 1, 2008, at 102.000% of
      principal,
plus
      accrued and unpaid interest, declining to 101.000% at June 1, 2009, and 100.000%
      at June 1, 2010.
Prior
      to
      June 1, 2008, the Company may, at its option, redeem up to 35% of the original
      aggregate principal amount of the Notes with the net cash proceeds of certain
      sales of equity securities at 100.000% of principal, plus accrued and unpaid
      interest, if any and to the extent that, after such redemption, at least 65%
      of
      the aggregate principal amount of the Notes remains outstanding. In addition,
      prior to June 1, 2008, the Company may, at its option, redeem some or all of
      the
      Notes at an established "make whole" price.
The
      Indenture provides that, if an event of default occurs and is continuing, either
      the Trustee or the holders of at least 25% in aggregate principal amount of
      the
      Notes then outstanding may declare all principal, accrued interest, if any,
      immediately due and payable, except that an event of default resulting from
      certain events of bankruptcy, insolvency or reorganization in respect of the
      Company or certain of its subsidiaries will automatically cause all principal,
      accrued interest, if any, to become immediately due and payable. Events of
      default include: (i) failure to pay any installment of interest on the Notes
      when due and payable and the continuance of any such failure for 30 days; (ii)
      failure to pay principal, or premium, if any, on the Notes when due and payable;
      (iii) failure to observe or perform any other covenant or agreement contained
      in
      the Notes or the Indenture and, subject to certain exceptions, the continuance
      of such failure for a period of 60 days after notice to the Company, (iv)
      certain events of bankruptcy, insolvency or reorganization in respect of the
      Company or certain of its subsidiaries; and (v) certain defaults in indebtedness
      with an aggregate amount outstanding in excess of $20 million.
The
      Notes
      rank junior in right of payment to the Company's existing and future senior
      indebtedness and rank equally with all of its existing and future senior
      subordinated indebtedness.
The
      Registration Rights Agreement obligates the Company to file a registration
      statement with the Securities and Exchange Commission (the "SEC") allowing for
      the exchange of the Notes for registered notes having substantially identical
      terms as the Notes and evidencing the same indebtedness as the Notes. Under
      the
      Registration Rights Agreement, the Company has agreed to use its commercially
      reasonable efforts to cause a registration statement filed with the SEC covering
      the re-sale of the Notes to become effective within 240 days after May 30,
      2007.
      The Company also has agreed, in specified circumstances, to file a shelf
      registration statement to cover re-sales of the Notes. The Company may be
      required to pay liquidated damages if it fails to comply with the registration
      and exchange requirements set forth in the Registration Rights Agreement.
SIGNATURES
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
      duly caused this report to be signed on its behalf by the undersigned thereunto
      duly authorized.
RURAL
      CELLULAR CORPORATION
/s/
      Richard P. Ekstrand
Richard
      P. Ekstrand
President
      and Chief Executive Officer
Date:
      May
      30, 2007