AirGate PCS, Inc. Announces Over $420 Million of Financing.ATLANTA--(BUSINESS WIRE)--Sept. 28, 1999-- AirGate PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. , Inc., (Nasdaq/NM:PCSA PCSA Primary Care Service Area PCSA Personal Computing Systems Architecture PCSA Power Crane and Shovel Association PCSA Peel Committee on Sexual Assault (Canada) PCSA Presbyterian Church of Southern Africa ) announced today it priced its initial public offering of 6.7 million shares of common stock at a price of $17.00 per share for gross proceeds of approximately $114 million and its concurrent offering of $300 million principal amount at maturity senior subordinated discount notes due 2009 raising gross proceeds of approximately $156 million. Donaldson, Lufkin & Jenrette acted as lead manager for both offerings. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. was a co-manager on both offerings and The Robinson-Humphrey Company was a co-manager on the initial public offering. The $270 million in gross proceeds raised by the concurrent offerings will be used, together with $153.5 million vendor financing Vendor Financing The lending of money by a company to one of its customers so that the customer can buy products from it. By doing this, the company increases its sales even though it is basically buying its own products. , to fund capital expenditures including PCS network construction, operating losses, working capital, debt repayment and general corporate purposes. AirGate PCS, operating in key markets in the Southeast, is the second largest Sprint PCS affiliate based on the size of the population in its territory of approximately 6.8 million. As a Sprint PCS affiliate, AirGate PCS is building its own PCS network to exclusively provide 100% digital, 100% PCS products and services under the Sprint and Sprint PCS brand names in its territory. AirGate's territory covers almost the entire state of South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , including Charleston, Columbia and Greenville-Spartanburg, parts of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , including Asheville, Wilmington and Hickory, and the eastern Georgia cities of Augusta and Savannah Savannah, city, United States Savannah, city (1990 pop. 137,560), seat of Chatham co., SE Ga., a port of entry on the Savannah River near its mouth; inc. 1789. . This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A prospectus relating to these securities may be obtained from Donaldson, Lufkin & Jenrette, 277 Park Avenue, New York, New York 10172. |
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