By Paul A. Harris
St. Louis, Oct. 7 - AirGate PCS Inc. sold $175 million of seven-year first-priority senior secured floating-rate notes (B2/CCC+) at par on Thursday to yield three-month Libor plus 375 basis points, according to an informed source.
Price talk was three-month Libor plus 375 basis points.
Bank of America Securities and Credit Suisse First Boston ran the books for the Rule 144A/Regulation S issue.
Proceeds will be used to repay the company's $134.4 million senior credit facility, to redeem $1.8 million of its remaining 13½% senior subordinated discount notes due 2009 and for general corporate purposes.
AirGate PCS is an Atlanta-based Sprint affiliate.
| Issuer: | AirGate PCS Inc.
|
| Amount: | $175 million
|
| Maturity: | Oct. 15, 2011
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| Security description: | First-priority senior secured floating-rate notes
|
| Joint bookrunners: | Banc of America Securities, Credit Suisse First Boston
|
| Coupon: | Three-month Libor plus 375 basis points
|
| Price: | Par
|
| Yield: | Three-month Libor plus 375 basis points
|
| Call features: | Callable after Oct. 15, 2006 at 102, 101, par on or after Oct. 15, 2008
|
| Equity clawback: | Until Oct. 15, 2006 for 35% at par plus the applicable coupon
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 25
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: CCC+
|
| Price talk: | Three-month Libor plus 375 basis points
|
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