Airgate PCS files $500 mln debt, pfd, stock, warrants shelf

New York, Nov. 14 - Airgate PCS filed a shelf registration for up to $500 million of debt securities, preferred stock, common stock and warrants with the Securities and Exchange Commission Wednesday. Airgate said the securities sold may be hybrids combining features of more than one of the types of instrument registered.

The company also registered four million shares to be sold in a secondary offering by stockholders of iPCS, Inc. Airgate is in the process of acquiring iPCS, with the transaction expected to close in November.

The Atlanta, Ga. Sprint PCS network partner said it would use proceeds from the securities sales for general corporate purposes, including the purchase or repayment of debt, acquisitions, capital expenditures, working capital and investments. Airgate will not receive any proceeds from the sales of stock by iPCS shareholders.

For the nine months to June 30, 2001, Airgate's earnings were insufficient to cover fixed charges by $87.4 million compared to $56.9 million for the same period a year earlier.

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