US Unwired exchange offer expires; conditions not met and notes not accepted

By Carlise Newman

Chicago, June 23 - US Unwired Inc. said its exchange offer has expired with no notes accepted.

On Tuesday, the Lake Charles, La. -based owner of five Sprint PCS affiliates said certain conditions to the offer were not satisfied as of the expiration time, and as a result none of the existing notes tendered in the offer will be accepted for exchange.

As of an earlier report on June 16, $2,.25 million of existing notes had been tendered.

As previously reported, under the terms of the offer, US Unwired planned to exchange its 13.375% senior subordinated discount notes due Nov. 1, 2009 for $187.50 in cash and $185 in face amount of new senior notes per $1,000 face amount of existing notes.

On May 29, holders of more than 50% of US Unwired, Inc.'s 13.375% senior subordinated notes said they would not participate in the company's exchange offer. The holders also formed an ad hoc committee, signed a lock-up agreement and hired Chanin Capital Partners as financial advisors and Orrick, Herrington & Sutcliffe as legal advisors.

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