BERWYN, Pa.-Triton PCS Inc. closed on its $250 million senior secured term loan facility, which the carrier said is secured by substantially all of its assets. The facility includes pricing at LIBOR plus 3.25 percent, a five-year maturity and no financial maintenance covenants.
Triton PCS said it plans to use proceeds from the facility for a combination of general corporate purposes, possible acquisitions and to retire certain outstanding debt securities through open market purchases and privately negotiated transactions. In conjunction with the new facility, Triton PCS also cancelled its existing $100 million senior revolving credit facility.<
