CONSHOHOCKEN, Pa.-UbiquiTel Inc. subsidiary UbiquiTel Operating Co. reported the closing of its private placement exchange of $48.2 million aggregate principal amount of its new 14 percent senior discount notes due May 15, 2010 and $9.6 million in cash for $192.7 million aggregate principal amount of its outstanding 14 percent senior subordinated discount notes due April 15, 2010.
“The completion of this transaction gives us the solid financial footing we need to successfully grow the business and position us for future profitability,” said Donald Harris, chairman, president and chief executive officer of UbiquiTel.
The company said the exchange reduced its overall debt by approximately $146.7 million and cash interest requirements by approximately $9.7 million in 2005 and $19.3 million annually beginning in 2006.
