TeleCorp PCS prices public offering
The digital wireless service provider prices its initial public offering of 9.2 million shares at $20 per share.
The company also said it has agreed to sell up to 2.24 million shares of class A common stock to AT&T Wireless PCS--an existing stockholder--at a price which includes the same undisclosed discount being given to the underwriters of the offering.
Salomon Smith Barney, Lehman Brothers, Deutsche Banc Alex Brown and Merrill Lynch are the managing underwriters.
Shares of Arlington, Va.-based TeleCorp will trade on the Nasdaq stock exchange under the ticker "TLCO."
TeleCorp has licenses to serve more than 16.5 million people, and currently provides its SunCom digital wireless service in 21 markets, including New Orleans, La., Memphis, Tenn., and Little Rock, Ark.