Iridium Operating L.L.C. announced it closed $1.95 billion of new financing consisting of an
$800 million senior secured credit facility, a $750 million guaranteed credit facility and $400 million in vendor
financing from Motorola Inc. The new facilities will replace Iridium’s existing $1 billion secured facility and the $275
million guaranteed bank facility, and will provide incremental financing to the company, said Iridium.
Duff &
Phelps Credit Rating Co. said it reaffirmed the BBB senior debt rating of Telephone and Data Systems Inc., the BBB
rating of Aerial Communications’ TDS-guaranteed zero coupon notes and the BBB rating of TDS’ preferred stock.
TDS’ majority-owned United States Cellular Corp.’s A- senior debt and BBB+ subordinated debt ratings also were
reaffirmed, said DCR. The reaffirmations followed TDS’ announcement it would withdraw its tracking stock offers to
existing public shareholders of United States Cellular and Aerial, and it intended to spin off its majority owner stake in
Aerial.
Shared Technologies Cellular Inc. announced it agreed with SmarTalk Teleservices Inc. to discontinue the
two companies’ joint marketing efforts. “Because of the strong demand for a national prepaid cellular phone
offering, we have put together a new direct retail distribution program,” said Anthony Autorino, STC’s chairman
and chief executive officer.
Nokia Corp. said it signed a $30-million, multiyear contract with Phoenix-based SOL
Communications to deliver a complete GSM 1900 network. Equipment deliveries are expected to begin immediately,
said Nokia. Nokia said it will provide SOL with its Artus Messaging Platform, mobile switching centers, home location
registers, base station controllers, base stations and the Nokia network management system.
Century Telephone
Enterprises Inc. extended its long-term statement processing services agreement with International Billing Services.
Under the agreement, IBS will migrate CenturyTel’s customers to the IBS BookBill format, said CenturyTel. The
BookBill is a design that consolidates several pages of account information onto a single sheet, reducing paper and
postage costs. The BookBill also features a tear-off remittance stub, which results in an easily filed 8.5 by 11-inch
document, said the company.
