LAKE CHARLES, La.-Sprint PCS affiliate US Unwired Inc. said it reached an agreement with its senior credit lenders modifying certain provisions of its $170 million senior credit facility that the carrier said will provide it with increased financial flexibility.
The changes include a revised set of financial covenants, the retention of $40 million of revolver availability, an immediate payment of $10 million to the facility’s term loans and an increase in the interest rate by 50 basis points.
In addition, US Unwired said it obtained approval from its senior credit lenders for the sale of its cellular operations and select PCS licenses to Cingular Wireless L.L.C. US Unwired noted it will retain a share of the expected $30 million in net proceeds from the sale, with the remainder earmarked to reduce its outstanding senior debt.
