Applied Cellular Technology Inc. received a letter of commitment for a $15 million unsecured line of credit from Boston’s State Street Bank and Trust Co.’s High Technology Lending Group. Proceeds from the line of credit, expected to close by June 30, will be used for working capital and general corporate purposes, Applied Cellular said.
Nextel Communications Inc. said it selected Let’s Talk Cellular & Wireless to market its services and products in mall kiosks and other retail locations nationwide. “Every store is staffed with a wireless consultant providing a key consultative sales environment for potential wireless customers,” said Brett Beveridge, president of Let’s Talk.
Price Communications Wireless Inc. completed a 9.13-percent $525 million senior secured notes offering. The life of the debt is 8.5 years, and it is secured by assets of the Price Communications Corp. subsidiary, the company said. The issue received a Ba-3 rating from Moody’s. The underwriters were led by Gleacher Natwest International and included Donaldson, Lufkin & Jenrette, Nesbitt Burns Securities Inc. and Wasserstein Perella Securities Inc.
CellStar Corp. was selected by Bell Atlantic Mobile as an authorized distributor of Bell Atlantic Mobile-branded wireless handsets and original equipment manufacturer accessories to BAM’s indirect sales channels, the companies said.
Lightbridge Inc. said it completed the nationwide deployment of Telesto for AT&T Wireless Services Inc. Telesto is Lightbridge’s customer-acquisition tool designed to standardize the wireless customer qualification and activation process.
Pinnacle Towers Inc. retained Morgan Stanley & Company Inc. to help it consider strategic alternatives in response to being approached on several occasions by potential merger partners and parties interested in acquiring the company. There is no guarantee that any sale, merger or other transaction will occur as a result of these activities, said Pinnacle Holdings Inc., the parent company of Pinnacle Towers.
