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EXHIBIT 99.1
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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
I. TeleCorp PCS, Inc., Announces Proposed Private Offering
of Senior Subordinated Notes
Arlington, VA. - June 29, 2000, TeleCorp PCS, Inc. (NASDAQ: TLCP), today
announced that it intends, subject to market and other conditions, to raise a
total of $250 million gross proceeds through a private offering of senior
subordinated notes.
The private offering of senior subordinated notes will be within the United
States to qualified institutional buyers and outside the United States to
certain non-US investors. TeleCorp stated that it intends to use the proceeds
of the senior subordinated notes offering to, among other things, fund capital
expenditures, including those for PCS licenses to be acquired as the company
grows its presence in digital wireless communications services. The senior
subordinated notes are expected to have a ten-year term, and interest would be
paid semi-annually in cash.
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.
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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, 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.
Except for historical information, the matters discussed in this news release
that may be considered forward-looking statements could be subject to certain
risks and uncertainties that could cause the actual results to differ materially
from those projected. These include uncertainties in the market, competition,
legal and other risks detailed in TeleCorp PCS, Inc.'s registration statement
filed with the SEC on Form S-1, as amended or supplemented (file no. 333-81313).
TeleCorp PCS, Inc. assumes no obligation to update information in this release.
