LAKE CHARLES, La.-US Unwired, a Sprint PCS affiliate, said it secured more than $380 million in financing, which will be used to expand the company’s existing personal communications services network in Louisiana and Texas, into Arkansas, Oklahoma, Mississippi, Alabama, Florida and Tennessee.
The three-part financing consists of $209 million of 10-year senior subordinated discount notes, $50 million of preferred stock and a $130 million senior bank credit facility, the company said.
Donaldson, Lufkin & Jenrette acted as lead manager for the discount notes.
The expansion project, expected to be completed by June 2001, will expand the company’s coverage area from 2.5 million people to 9.9 million people, US Unwired said.