iPCS plans tender for 11½% notes, 11 3/8% notes

By Jennifer Chiou

New York, April 9 - iPCS, Inc. announced plans to tender for any and all of its $165 million of 11½% senior notes due 2012 and $125 million of 11 3/8% senior notes due 2012.

To fund the offer, the company intends to use proceeds from proposed offerings of $300 million of first-lien senior secured floating-rate notes due 2013 and $175 million of second-lien senior secured floating-rate notes due 2014.

Along with cash on hand, remaining proceeds will go toward a special cash dividend to common stockholders and to pay related fees and expenses.

The special dividend, which is subject to board approval, will total about $186 million, which represents $11.00 per share.

Based in Schaumburg, Ill., iPCS owns and operates Sprint Nextel's nationwide PCS network.

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