LAKE CHARLES, La.-Sprint PCS affiliate US Unwired Inc. retired approximately $41.6 million worth of its 13.375-percent senior subordinated discount notes due 2009 through a series of debt-for-equity exchanges. The carrier said the exchanges followed the sale of non-core assets, including its cellular operations to Cingular Wireless L.L.C. last year, negotiation of an enhanced covenant package with senior lenders and debt repayments designed to strengthen its balance sheet.
“We are delighted that those holders of our 13.375-percent notes who have converted their investment into equity fully support our business strategy,” said US Unwired Chief Executive Officer Robert Piper. “These trades could not have been possible without the improvements we have made in our operating results and balance sheet.”
US Unwired added that following the transactions, approximately 148.5 million shares of its common stock were outstanding.
