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EXHIBIT 99.1
TeleCorp PCS
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Suite 800
1010 North Glebe Road
Arlington, VA 22201
For Immediate Release
Investor Contacts: Media Contacts:
Jim Morrisey Russell Wilkerson
TeleCorp PCS, Inc. TeleCorp PCS, Inc.
703-629-6668 (PCS) 703-625-2069 (PCS)
703-236-1136 (Office) 703-236-1292 (Office)
John Nesbett/Mary Ellen Adipietro Elissa Grabowski
Lippert/Heilshorn & Associates Lippert/Heilshorn & Associates
212-838-3777 212-838-3777
TeleCorp PCS, Inc. Announces Pricing of $450 Million of Senior Subordinated
Notes
in Private Debt Offering
Arlington, VA - July 12, 2000, TeleCorp PCS, Inc. (NASDAQ NM: TLCP) announced
today that it priced $450 million of its 10 5/8% Senior Subordinated Notes due
2010 in a private offering. This represents an increase over the proposed $250
million senior subordinated notes offering previously announced. The net
proceeds of the offering will be used to, among other things, fund capital
expenditures, including those for PCS licenses. Closing of the offering is
scheduled for Friday, July 14, 2000.
The senior subordinated notes have not been registered under the Securities Act
of 1933 or any state securities laws, and unless so registered, may not be
offered or sold in the United States except pursuant to an exemption from, or in
a transaction not subject to, the registration requirements of the Securities
Act and applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy any security and shall not constitute an offer, solicitation or
sale in any jurisdiction in which such offering, solicitation or sale would be
unlawful.
TeleCorp PCS, Inc. has licenses to serve approximately 16.7 million people, and
currently provides its SunCom digital wireless service in the following 32
markets: New Orleans, Baton Rouge, Lafayette, Houma, New Iberia, Thibodaux,
Hammond and Lake Charles, Louisiana; Memphis and Jackson, Tennessee; Oxford,
Mississippi; Little Rock, Hot Springs, Russellville, Fayetteville, Fort Smith
and Jonesboro, Arkansas; Columbia/Jefferson City, Missouri; Beaumont, Texas;
Concord, Manchester, Portsmouth and Nashua, New Hampshire; Worcester, Cape Cod,
Martha's Vineyard and Nantucket,
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Massachusetts; and San Juan, Ponce, Mayaguez, Humacao and Arecibo, Puerto Rico.
TeleCorp is headquartered in Arlington, Virginia. More information about the
company can be found on the Web at www.telecorppcs.com.
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