iPCS price talk 10¾% area on $180 million eight-year notes

By Paul A. Harris

St. Louis, April 21 - Price talk is in the area of 10¾% on iPCS Inc.'s proposed $180 million offering of eight-year senior unsecured notes (B3/CCC), according to a market source, who added that books will close at 11 a.m. Thursday.

Credit Suisse First Boston and Bear Stearns & Co. are joint bookrunners on the Rule 144A offering.

Proceeds will be used to refinance senior secured debt as the company exits Chapter 11.

The issuer is a Sprint PCS affiliate serving portions of Illinois, Michigan, Iowa, and eastern Nebraska.

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