AirGate PCS to terminate $134.4 million loan, redeem $1.8 million discount notes with offering proceeds

Pittsburgh, Sept. 30 - AirGate PCS Inc. plans to use proceeds from its offering of $175 million of first-priority senior secured floating-rate notes due 2011 to repay and terminate its $134.4 million senior credit facility and to redeem its $1.8 million remaining 13½% senior subordinated discount notes due 2009, according to a company news release.

The company will also use the proceeds for general corporate purposes.

AirGate PCS is an Atlanta-based Sprint affiliate.

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