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GREENSBORO, N.C.-Vanguard Cellular Systems Inc. said it has completed the sale of its Myrtle Beach, S.C., property to Triton PCS for about $160 million in cash.
The company expects to complete the sale of its 48-percent interest in the operations of Wilmington/Jackson, N.C., during the third quarter, and the sale of its Florida properties during the fourth quarter.
Vanguard said it expects to receive $30 million and $172.5 million, respectively, when these transactions are completed. The company plans to use the proceeds from the sale of the properties to pay down debt under its revolving credit facility.
