Qualcomm Inc. said it plans to raise about $500 million in gross proceeds through a private placement of senior notes. Proceeds will be used to expand operations and finance customers of its Code Division Multiple Access infrastructure equipment, the company said.
Standard & Poor’s Corp. affirmed its B corporate credit rating on Telesystem International Wireless Inc. and lowered its rating on the company’s outstanding senior unsecured discount notes from B- to CCC+. The outlook is stable, said S&P.
SignalSoft Corp. announced it completed $9.65 million Series B equity financing through a private placement led by Seattle-based Olympic Venture Partners L.L.C., along with participating investors Lazard Technology Partners L.L.C. of New York and Tredegar Investments of Seattle.
Rural Cellular Corp. signed an agreement for the placement of $125 million of 9.67-percent senior subordinated notes due May 15, 2008, and $125 million of 11.38-percent exchangeable preferred stock. RCC said it plans to use the proceeds to reduce debt and to fund the acquisition of Atlantic Cellular Co. L.P. and Western Maine Cellular Inc.
Itron Inc. announced its board of directors approved a stock repurchase program that allows the company to acquire up to 1 million shares of its common stock, representing about 7 percent of its total outstanding shares. Management may purchase the stock on the open market at its sole discretion.
Tricom S.A., which offers long-distance, local, cellular, paging and Internet access services in the Dominican Republic, went public May 5. The company raised net proceeds of about $70 million through the equity offering, lead-managed by Bear Stearns & Co. Inc., New York. It plans to use about $52 million to fund capital expenditures and the remainder to repay short-term debt incurred to purchase equipment. Tricom sold 5.7 million shares of Class A common stock at $13 per share. The securities are trading in the form of American Depository Receipts on the New York Stock Exchange.
