NEW YORK-InterCel Inc. announced it has filed a registration with the Securities and Exchange Commission for a $150 million issue of senior discount notes.
Net proceeds will go toward the acquisition of the Atlanta Personal Communications Service license held by GTE Corp. Proceeds also will help finance costs associated with buildout of the company’s PCS system.
The company plans to market PCS under its Powertel brand name in a 180,000 square-mile area covering portions of 10 southeastern states.
Before the debt offering can proceed, Intercel said it must first finalize its PCS license acquisition from GTE and complete the sale of 200,000 shares of its preferred stock.
InterCel, based in West Point, Ga., owns and operates cellular telephone systems providing service in western Georgia, eastern Alabama and Maine.
