CONSHOHOCKEN, Pa.-Sprint PCS affiliate UbiquiTel Inc. said it added 22,400 customers during the fourth quarter of 2002, noting 84 percent of the subscriber additions were prime credit class customers. The net additions for the quarter were helped by a drop in customer churn from 4.3 percent during the third quarter of 2002 to 3.9 percent during the final three months of the year.
The carrier also reported it expects to post a net loss of between $2 million and $5 million before interest, taxes, depreciation, amortization and non-cash stock compensation for the fourth quarter due to lower sales and improved bad debt experience.
In a separate announcement, UbiquiTel said it intends to offer up to $56.25 million in aggregate principal of its new 14 percent senior discount notes due May 15, 2010, in exchange for up to $225 million of its outstanding 14-percent senior subordinated discount notes due April 15, 2010.
The company said it would offer $250 in principal amount of new notes for each $1,000 in existing notes and would pay $50 in cash for each $1,000 existing note tendered by Feb. 5.
