LAKE CHARLES, La.-Sprint PCS affiliate US Unwired Inc. reported an agreement to sell up to 97 communications towers to AAT Communications Corp. at an average price of $125,000 per tower. The towers are located in Arkansas, Alabama, Mississippi, Florida, Louisiana and Texas with AAT committing to a minimum aggregate purchase of $10 million by Feb. 15, 2004.
US Unwired said it will lease space on the towers at rates and terms consistent with that of its existing leases, and a portion of proceeds from the sale will be used to repay senior credit lenders.
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US Unwired has recently announced a number of asset sales, including the sale of its cellular business and five PCS licenses to Cingular Wireless L.L.C., a proposed sale of three PCS licenses to Cellular South Licenses Inc. and an agreement to sell its paging operations, in an attempt to improve its financial position.