Arch Communications Group Inc. completed syndication of an agreement with a group of banks that will provide Arch up to $225 million. The sum consists of a $75 million term loan and a $150 million reducing revolving credit facility, which can be increased to $260 million at the company’s option. The syndication process, said Arch, resulted in an over-subscription and the original $210 million facility was increased $225 million. Proceeds from the new credit facility were used to fund the purchase of 5.4 million shares of USA Mobile Communications Holdings Inc. stock for $84 million and to repay existing senior bank debt.
DSP Communications Inc. filed a registration statement with the Securities and Exchange Commission for a proposed offering of 2 million shares of its common stock. A total of 500,000 shares will be sold by the company and 1.5 million shares will be sold by certain unaffiliated stockholders, the company said. DSP held its initial public offering on March 7. The company said proceeds will be used for general purposes including working capital.
U S West Cellular expanded its license agreement with AccessLine Technologies Inc. to include its Salt Lake City, Provo and Ogden, Utah, markets. U S West will use AccessLine’s One Person, One Number service so customers can use one phone number for all telecommunications needs. Features include screening, messaging, paging, fax and routing that can be packaged for an individual. Using its advanced intelligent service node platform, AccessLine interfaces with the services offered by wireless and wireline providers.
CommNet Cellular Inc. has filed a registration statement with the Securities and Exchange Commission for a proposed offering of $80 million of subordinated notes, due in 2005. Net proceeds from the offering will be used primarily for redemption of the company’s 6.75 percent Convertible Subordinated Debentures at the applicable redemption rate of 102.7 percent. CommNet operates, manages and finances cellular telephone systems in the mountain and plains regions of the Unites States. CommNet reports its cellular interests at 3.4 million net potential customers in 93 markets located in 15 states.
Dial Page Inc. said its stockholders approved selling the company’s paging business to Mobile Media Communications Inc. The company also announced its subsidiary, Dial Call, launched commercial service of its digitally enhanced specialized mobile radio network June 20. The transaction with Mobile Media awaits regulatory approvals and is expected to close this fall, said Jeffrey R. Human, Dial Page president and chief executive officer.
U.S. AirWaves Inc. announced a strategic partnership with Hyundai Electronics America, including Hyundai investing $50 million into U.S. AirWaves. Hyundai Electronics is a Milpitas, Calif.-based subsidiary of Hyundai Electronics Industries, of the Hyundai Business Group of Seoul, Korea. U.S. AirWaves plans to bid in the entrepreneurial auction for personal communications services licenses as a designated-entity small business. The Bellevue, Wash.-based firm will purchase PCS infrastructure equipment from Hyundai and the companies together plan to build a nationwide network.
