New Issue: Horizon PCS $175 million 10-year notes yield 13¾%

By Paul A. Harris

St. Louis, Mo., Dec. 4 - Horizon PCS, Inc. priced $175 million of senior notes due June 15, 2011 (Caa1/CCC) late Monday, according to a syndicate source. The notes priced at par for a yield of 13¾%, at the high end of talk of 13½%-13¾%.

Credit Suisse First Boston ran the books, Wachovia Securities was joint lead and the co-managers were Bear Stearns & Co. and Lehman Brothers.

Issuer:	Horizon PCS, Inc.
Amount:	$175 million
Maturity:	June 15, 2011
Type:	Senior notes
Lead managers:	Credit Suisse First Boston (books), Wachovia Securities (joint)
Co-managers:	Bear Stearns & Co., Lehman Brothers
Coupon:	13¾%
Price:	Par
Yield:	13¾%
Spread:	909 basis points over 5% Treasury due Aug. 2011
Call features:	Callable on Dec. 15, 2006 at 106.875, then at 104.583, 102.292,
	declining to par on Dec. 15, 2009
Equity clawback:	Until Dec. 15, 2004 at 113.750 for up to 35%
Settlement date:	Dec. 7 (T+3)
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC
Cusip:	44043UAG5
End

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