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TELECORP CLOSES FINANCING

WASHINGTON-TeleCorp PCS Inc. last week announced it closed a deal that will give it $525 million in senior secured credit facilities with a group of financial institutions led by Chase Securities Inc., TD Securities (USA) Inc. and Bankers Trust Co.

“The funds will provide the resources we need to aggressively move forward in our network launch and operations plan,” said Gerald T. Vento, CEO of TeleCorp. TeleCorp said it expects to launch service next year.

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