LAKE CHARLES, La.—Sprint PCS affiliate US Unwired Inc. said it has given notice to U.S. Bank National Association to redeem all of the carrier’s outstanding 13.38-percent senior subordinated notes due 2009 on Nov. 1 with a redemption premium of 6.688 percent.
US Unwired noted that during the second quarter it retired $235.8 million of the $400 million outstanding face amount of the notes through a tender offer and successfully exchanged $75 million outstanding face amount of the notes for equity. The carrier added that in conjunction with the repurchase of $48 million of notes since June 30, it expects to eliminate approximately $89.2 million of debt and further reduce its annual interest expense by approximately $12 million.
