NEW YORK-Triton PCS Holdings Inc., an AT&T Wireless Services Inc. affiliate, and US Unwired Inc., a Sprint PCS affiliate, were more successful than they anticipated in their capital raising efforts.
Triton, based in Malvern, Pa., had hoped to raise $125 million in its initial public offering. Instead, it was able to go public with a 10 million share IPO priced at $18 each, for a total of $180 million.
Triton is building and operating a digital wireless network in a licensed area covering 13 million people in Virginia, the Carolinas and portions of Georgia and Tennessee.
Likewise, US Unwired, headquartered in Lake Charles, La., received a pleasant reception from the private placement debt market. It was able to raise $209 million in 10-year notes, priced to yield an interest rate of 13.37 percent. US Unwired had hoped to raise a maximum of $200 million in this offering.
US Unwired owns or has a agreements to use PCS spectrum covering 9.9 million people in an area from east Texas to the Florida panhandle and north to portions of Oklahoma and Tennessee.
