MALVERN, Pa.-Triton PCS Inc. announced it received gross proceeds of about $300 million from its recently completed sale of 11-percent senior subordinated discount notes due 2008.
The company plans to use the capital to fund both the buildout of its personal communications services network and the acquisition of Vanguard Cellular Systems Inc.’s cellular operations in Myrtle Beach, S.C., said Triton. The $160 million acquisition is expected to close in the third quarter.
Triton, a joint venture partner with AT&T Wireless Services Inc., will be the exclusive provider of wireless services under the AT&T brand name in a contiguous area covering about 11 million people in the Southeastern part of the United States, the company said.
Triton said it expects to launch commercial service in the first quarter of 1999.