US Unwired to fund tender for $400 million 13 3/8% notes with debt securities

By Paul A. Harris

St. Louis, May 12 - Sprint PCS affiliate US Unwired Inc. will use proceeds from a pending offering of debt securities to fund the tender for $400 million of its 13 3/8% senior subordinated discount notes due 2009, the company said in a news release Wednesday.

Lehman Brothers is the dealer manager for the tender offer, which expires on June 9.

No specific amounts, timing or structure were disclosed in the news release for the offering, and the company did not immediately return a telephone call from Prospect News.

The Lake Charles, La., company holds direct or indirect ownership interests in five PCS affiliates of Sprint: Louisiana Unwired, Texas Unwired, Georgia PCS, IWO Holdings and Gulf Coast Wireless.

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