NTELOS INC
8-K, 2000-12-11
TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE)
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<PAGE>

                                      8-K
                                   FORM 8-K

                      SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C.

                                --------------

                                   FORM 8-K

                                CURRENT REPORT
                    PURSUANT TO SECTION 13 OR 16(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

      Date of report (Date of earliest event reported):  December 11, 2000

                                  NTELOS Inc.
              (Exact Name of Registrant, as Specified in Charter)

      Virginia                       0-16751                   54-1443350
(State of Incorporation)      (Commission File Number)        (IRS Employer)
                                                           Identification No.)

                                P. O. Box 1990
                          Waynesboro, Virginia 22980
                   (Address of principal executive offices)

                                (540) 946-3600
             (Registrant's telephone number, including area code)
<PAGE>

Item 9.   Regulation FD Disclosure

          Pursuant to Regulation FD, information is being furnished below with
          respect to presentations to be made by Mr. James S. Quarforth,
          Chairman and Chief Executive Officer, and Mr. Michael B. Moneymaker,
          Chief Financial Officer, at various investor meetings.

          This presentation provides an overview of NTELOS' strategy,
          transactions and performance through the third quarter of 2000.
          Included are statistical reviews of our core services (digital PCS,
          Internet, and local telephone service).

          The presentation is also available on the company's website at
          www.ntelos.com.






<PAGE>

NTELOS

Photo of products and customers.
<PAGE>

NTELOS Overview
--------------------------------------------------------------------------------

o  Regionally-focused ICP concentrating on high-growth sectors
     -  PCS: 11.0MM pops
     -  Internet: 58 markets
     -  Wireline: CLEC (9 markets)
                  Long Haul
                  ILEC (3 markets)
o  Long operating history, founded in 1897
     -  Public for over 30 years
     -  Wireless services since 1991
o  Strong local presence and brand
o  Facilities-based
o  Established "mid-stage" telco
     -  Over 288,000 customers
     -  Over $500MM CAPEX from 1996-2000

Map of Virginia, West Virginia, Maryland, Portions of Pennsylvania, Portions of
North Carolina, and Portions of Kentucky showing regions with:

PCS, CLEC AND Internet
PCS & ISP
PCS
Richmond-Norfolk PCS
CLEC and ISP
ILEC
AT&T Swap

                                       2
<PAGE>

<TABLE>
The Transactions
--------------------------------------------------------------------------------

<S> <C>
--------------------------------     -----------------------------------     --------------------------------
|                              |     |                                 |     |     Divestiture of           |
|       Preferred Stock        |     |        Debt Financing           |     |     Non-Core Assets          |
|  o $225MM from Welsh Carson  |     | o $325MM Senior Credit Facility |     | o Directory assistance       |
|  o $25MM from MSDW           |     | o $375MM Senior and             |     | o Communications towers      |
|                              |     |   Subordinated Notes            |     | o Additional non-core assets |
--------------------------------     -----------------------------------     --------------------------------
                  |                                 |      $700MM                     |
                  |                                 |                                 |
                  |       $250MM               ----------------    $60MM +            |
                  |                            |              |                       |
                  -----------------------------|    NTELOS    |------------------------
                  |                            |              |               Up to   |
                  |     $408.6MM +             ----------------               $250MM  |
                  |  Asset Swaps +                   |           3.7MM                |
                  |  Assumed Leases                  |           shares               |
------------------------------------   ----------------------------------    ---------------------------------------
|          Richmond-Norfolk        |   |                                |    |                                     |
|          PCS Acquisition         |   |      R&B Communications        |    |        VA and WVA PCS               |
|  o $408.6MM cash                 |   |            Merger              |    |        Alliance Recap               |
|  o Swap cellular assets of RSA 5 |   | o Stock-for-stock              |    | o Inter-company loan                |
|    and RSA 6                     |   | o Long-time partner in all key |    | o Refinance credit facilities       |
|  o Assume $20MM in capital leases|   |   businesses                   |    | o Pro forma ownership               |
|  o Contiguous PCS footprint      |   | o Consolidate ownership of PCS |    |   o 91.1% of Virginia Alliance      |
|                                  |   |   Alliances                    |    |   o 78.9% of West Virginia Alliance |
------------------------------------   ----------------------------------    ---------------------------------------
</TABLE>


                                       3
<PAGE>

Esatblished Regional ICP
--------------------------------------------------------------------------------

Invested Capital
----------------
($MM)

[Graph]

        PCS     Other   Total
        ---     -----   -----
1996    98.1    21.0    119.1
1997    68.1    22.2     90.3
1998    63.6    20.8     84.4
1999    61.5    43.6    105.1
2000E   55.0    45.0    100.0


Customer Base
-------------
(000s)

[Graph]

         PCS    ILEC/CLEC     Internet     Total
         ---    ---------     --------     -----
1995              41.7                      41.7
1996              43.4           0.3        43.7
1997     23.8     45.5           4.8        74.1
1998     69.8     48.9           8.7       127.4
1999    122.1     59.3          47.3       228.7
3Q00    157.7     70.8          60.1       288.6

                                       4
<PAGE>

Richmond-Norfolk PCS Acquisition and AT&T Swap
--------------------------------------------------------------------------------
Expanding PCS footprint

o  Richmond-Norfolk PCS
     -  Rationale:
        o  Expansion of ICP footprint to adjacent market
        o  Increase on-net traffic with end-to-end connectivity
        o  42 company-owned distribution outlets
     -  Key operating metrics:
        o  3.0MM pops (20 MHz)
        o  83% covered
        o  88,300 subscribers
     -  Seamless integration

o  AT&T Swap - definitive agreement with AT&T to swap licenses in PA
     -  2.5MM new pops (10-15 MHz)
     -  No build-out requirement


Map of Virginia, West Virginia, Maryland, Portions of Pennsylvania, Portions of
North Carolina, and Portions of Kentucky showing regions with:

Alliances and NTELOS (5.5MM pops)
Richmond-Norfolk PCS (3.0MM pops)
AT&T Swap (2.5MM pops)

                                       5
<PAGE>

R&B Communcations Merger
--------------------------------------------------------------------------------
Unifying companies with similar footprint and products

o  R&B Communications Overview
     -  Member of the VA and WV PCS Alliances (26% and 34%)
     -  12,509 ILEC access lines
     -  5,690 CLEC access lines
     -  2,552 Internet customers

o  PCS Alliances
     -  First CDMA provider in central and western VA and WV
     -  91.1% pro forma interest in VA Alliance
     -  78.9% pro forma interest in WV Alliance


Map of Virginia, West Virginia, Maryland, Portions of Pennsylvania, Portions of
North Carolina, and Portions of Kentucky showing regions with:

NTELOS CLEC Service Area
R&B CLEC Service Area
NTELOS ILEC
R&B ILEC

                                       6
<PAGE>

Pro Forma Service Footprint
--------------------------------------------------------------------------------


           PCS
-----------------------------
o  11,032,828 PCS pops
o  157,717 PCS subscribers
o  616 cell sites

          Wireline
-----------------------------
o  51,894 ILEC access lines
o  18,858 CLEC access lines
o  727 route miles
o  60,109 Internet subscribers


Map of Virginia, West Virginia, Maryland, Portions of Pennsylvania, Portions of
North Carolina, and Portions of Kentucky showing regions with:

PCS, CLEC and Internet
PCS & ISP
PCS
Richmond-Norfolk PCS
CLEC and ISP
ILEC
AT&T Swap

                                       7
<PAGE>

Transition and Integration - Virginia East (Formerly PrimeCo)
----------------------------------------------------------

 .    Transition Management

     - Transition Teams Created
     - Detailed Schedule of Activities Developed
     - Strong Project Management


 .    Project Status - On Schedule

     - Organizational Integration Completed
     - Functional Transition Completed For:
       .  Human Resources
       .  Inside Sales
       .  Purchasing
       .  Branding Campaign
       .  New Service Plans

8                                                                  [LOGO]


<PAGE>

Transition and Integration - Virginia East (Formerly PrimeCo)
-----------------------------------------------------------


 . December 31, 2000 Milestone
  - Customer Care Transition
  - Fraud Management Transition

 . September 1, 2001 Milestone
  -  Point of Sale/RMS Inventory
  -  Pre-Pay Platform
  -  Billing Conversion
  -  Over-the-Air Activation


                                                                          [LOGO]

9
<PAGE>

New Customer Care Center - Portsmouth VA
--------------------------------------------------------------------------------

 .    Shell Renovations began Oct. 4                    [picture appears here]

 .    Phased Construction

     --   Training Rooms
     --   Rep Work Areas

 .    Team Recruited - 117 Employees

 .    Training

     --   Basic Customer Care
     --   Company Philosophy
     --   Products/Pricing/Billing


               [picture appears here]   .  Operational Status Dec. 4

                                           --   Now taking 30% of calls
                                           --   100% of VA East calls by 1/1/01

                                        .  Future Training to focus on ICMS
                                           Billing Conversion



                                                                      [LOGO]

10
<PAGE>

Transition and Integration - R & B Communications
-------------------------------------------------

 . Transition Management
     - Similar Management Approach as Utilized with Virginia East
     - Strong Cultural Match

 . Project Status
     - Organizational Integration to be Completed 1/1/01
     - Transition Schedule Developed

 . Future Milestones
     - Branding Campaign - 3/31/01
     - Product/Pricing Standardization 3/31/01
     - HR Payroll Integration - 5/1/01
     - Begin System Integration Planning - 7/1/01
     - Complete System Integration 4/1/02
     - Complete Operational Integration 4/1/02


                                                                          [LOGO]
<PAGE>

Fiber Network Expansion
--------------------------------------------------------------------------------

o  727 route miles

o  Fiber construction and swap activities
   -  500 new route miles to be completed in early 2001
   -  1,500 route miles to be in service in early 2001
   -  32,000 fiber route miles in early 2001
   -  Charlottesville to Richmond to Norfolk planned in 2001

o  Connectivity to major cities

o  Best-in-class equipment
   (Lucent, Nortel, Siemens/Corning)

Map of Virginia, West Virginia, Maryland, Portions of Pennsylvania, Portions of
North Carolina, and Portions of Kentucky showing Fiber Network expansion plans
at:

  End of year 1999
  End of year 2000
  Planned

                                      12
<PAGE>

Pro Forma PCS Statistics

Subscribers
-----------
(000s)

[Graph]

        Alliance     PrimeCo       Total
        --------     -------       -----
1Q 99     19.1        68.6          87.7
2Q 99     24.2        73.7          97.9
3Q 99     30.5        74.9         105.4
4Q 99     43.3        78.9         122.2
1Q 00     55.2        86.4         141.6
2Q 00     63.5        88.0         151.5
3Q 00     69.4        88.3         157.7

Revenues and EBITDA
-------------------
($ MMs)

[Graph]

        EBITDA   Revenues
        ------   --------
1Q 99   (9.6)      15.1
2Q 99   (8.0)      16.6
3Q 99   (5.7)      17.2
4Q 99   (8.9)      19.6
1Q 00   (8.9)      21.2
2Q 00   (4.7)      23.8
3Q 00   (5.7)      23.9

                                      13
<PAGE>

Pro Forma PCS Statistics
--------------------------------------------------------------------------------

     Cost of Acquisition

Cost of Acquisition (per gross add)/1/
                              1Q00      2Q00      3Q00
--------------------------------------------------------
Virginia East                $279.15   $308.30   $325.05
Virginia West                 431.18    320.24    424.22
West Virginia                 317.24    413.65    399.85
--------------------------------------------------------
      Total:                 $326.68   $337.62   $368.54


EBITDA
                              1Q00      2Q00      3Q00
--------------------------------------------------------
Virginia East                $(2,143)  $   712   $  (682)
Virginia West                 (3,469)   (2,739)   (2,886)
West Virginia                 (3,255)   (2,651)   (2,142)
--------------------------------------------------------
      Total:                 $(8,867)  $(4,678)  $(5,710)


Pre-Marketing EBITDA/2/
                              1Q00      2Q00      3Q00
--------------------------------------------------------
Virginia East                $ 3,306   $ 5,012   $ 4,325
Virginia West                   (385)      380       713
West Virginia                   (870)     (303)       90
--------------------------------------------------------
     Total:                  $ 2,051   $ 5,089   $ 5,128


     Pre-Marketing EBITDA

($MMs)

1Q00   (8.9)     2.3

2Q00   (4.7)     5.3

3Q00   (5.7)     5.4

/1/  Cost of acquisition includes handset subsidy, marketing costs, advertising
     costs, sales commissions and sales management costs.
/2/  Pre-Marketing EBITDA is EBITDA before costs of acquisition.


14                                                               [LOGO]
<PAGE>

PCS Operating Strategy
--------------------------------------------------------------------------------

o  Own and control licenses, network, distribution channels and brand

o  Focus on in-region market niche with localized marketing
     -  Highly competitive intra-regional "one-rate" plans (88-94% of
        subscribers)
     -  National "one-rate" (6-12% of subscribers)

o  Expand robust digital CDMA PCS network

o  Emphasize customer service via consolidated selling effort and single bill

o  Target attractive markets
     -  Individual - convenience users in the 25-45 age group
     -  Business - regional small to medium sized businesses

                                      15
<PAGE>

PCS Spectrum and Market Coverage
--------------------------------------------------------------------------------

                                             Digital
    Company              Service           Launch Date      Spectrum      Market
    -------              -------           -----------      --------      ------
    NTELOS            CDMA Digital             1996        10 -40 Mhz        8
                           PCS
  Sprint PCS          CDMA Digital           1Q 1999      10 - 30 Mhz      8(1)
                           PCS
  Triton/AT&T         TDMA Digital           1Q 1999      10 - 30 Mhz        5
                           PCS
    ALLTEL           Digital/Analog         Incumbent        25 Mhz          6
                        Cellular           WL Cellular
    Verizon          Digital/Analog         Incumbent        25 Mhz          3
                        Cellular           WL Cellular
  US Cellular        Digital/Analog          2Q 1998         25 Mhz          4
                        Cellular

Note: (1) Includes wholesale agreements in six NTELOS markets

                                      16
<PAGE>

Wireline Overview
------------------
100% digital platform with best-in-class equipment


            CLEC
            ----
o  18,858 business access lines
o  9 markets; 11 COs
o  Interconnection agreements in
   VA, WV and TN with Sprint and
   Bell Atlantic/GTE


   Internet                          ILEC
   --------                          ----
o  60,109 customers      o  51,894 residential/business
o  58 markets               access lines
o  Dial-up access        o  Leading ILEC service provider in VA
o  DSL in 16 markets

                                      17
<PAGE>

Focused Wireline Service Area
--------------------------------------------------------------------------------

Map of Virginia, West Virginia, Maryland, Portions of Pennsylvania, Portions of
North Carolina, and Portions of Kentucky showing regions with:

CLEC
ILEC

                                      18
<PAGE>

Integrated CLEC Operating Strategy
--------------------------------------------------------------------------------

o  Hybrid facilities-based/ "smart-build" strategy
     -  Leverage our fiber optic network and ILEC switching platform
     -  Remote switching in COs

o  Target businesses through a direct sales strategy

o  Bundle local service with long distance, DSL and digital PCS
     -  PCS service emphasized

o  Leverage local brand name recognition and strong customer service

o  Focus on long-term, sustainable revenues

                                      19
<PAGE>

Pro Forma CLEC Statistics
--------------------------------------------------------------------------------

Business Access Lines
---------------------
($000s)

[Graph]

        NTELOS  R&B   Total
        ------  ---   -----
1Q 99    0.9    1.6    2.5
2Q 99    2.3    2.6    4.9
3Q 99    4.0    3.1    7.1
4Q 99    5.8    4.0    9.8
1Q 00    8.9    4.4   13.3
2Q 00   12.4    5.0   17.4
3Q 00   13.2    5.7   18.9


Revenues and EBITDA
-------------------
($000s)

[Graph]

       EBITDA     Revenues
       ------     --------
1Q 99   (295)        647
2Q 99   (404)        884
3Q 99   (334)      1,132
4Q 99   (501)      1,453
1Q 00   (486)      2,013
2Q 00   (820)      2,180
3Q 00   (764)      2,245


                                      20
<PAGE>

Favorable ILEC Regulatory Environment
--------------------------------------------------------------------------------

o  No competition in ILEC markets to date, despite deregulation

o  ILEC operates under small company status, which is lightly regulated

o  Virginia State Corporation Commission has taken a progressive stance
   on supporting the value of rural telephone companies and the role
   they play in economic development in these regions

o  Process for rate increases is less cumbersome than for large telcos

                                      21
<PAGE>

Pro Forma ILEC Statistics
--------------------------------------------------------------------------------

Access Lines
------------
(000s)

[Graph]

      NTELOS    R&B   Total
      ------    ---   -----
1Q 99   37.1   10.8   47.9
2Q 99   37.3   10.9   48.2
3Q 99   37.5   11.3   48.8
4Q 99   37.9   12.2   50.1
1Q 00   38.3   12.3   50.6
2Q 00   39.1   12.3   51.4
3Q 00   39.4   12.5   51.9



Revenues and EBITDA
-------------------
(000s)

[Graph]

        EBITDA   Revenues
        ------   --------
1Q 99   6,642      9,880
2Q 99   7,024     10,251
3Q 99   6,503     10,054
4Q 99   6,293     10,018
1Q 00   6,407     10,171
2Q 00   6,037     10,072
3Q 00   6,265     10,178

                                      22
<PAGE>

Internet Operating Strategy
--------------------------------------------------------------------------------

o  Broad product offering of fast and reliable services
     -  Offers local dial-up, dedicated and discounted bundled services
     -  All digital network
     -  Web hosting available
     -  Low modem-to-customer ratio (9:1)

o  24/7 customer care

o  High speed data services
     -  Aggressive rollout strategy
     -  DSL: offered in a growing number of markets in four states
     -  Wireless spectrum: LMDS (1.3MM POPs), MMDS (850,000) households


                                      23
<PAGE>

Pro Forma Internet Statistics
-----------------------------


Subscribers
-----------
(000s)

[Graph]

       NTELOS   R&B   Total
       ------   ---   -----
1Q 99    9.1    1.4   10.5
2Q 99   16.7    1.4   18.1
3Q 99   31.6    1.8   33.4
4Q 99   45.7    2.1   47.8
1Q 00   54.4    2.2   56.6
2Q 00   57.0    2.3   59.3
3Q 00   57.6    2.5   60.1


Revenues and EBITDA
-------------------
(000s)

[Graph]

        EBITDA   Revenues
        ------   --------
1Q 99   (249)        630
2Q 99   (325)        921
3Q 99   (249)      1,704
4Q 99     86       2,949
1Q 00     84       3,652
2Q 00    197       4,142
3Q 00    431       4,347


                                      24
<PAGE>

Extensive Retail Distribution Focused on Customer Care
--------------------------------------------------------------------------------

o  Sales force representatives
     -  106 retail
     -  30 business
     -  14 CLEC

o  43 company-owned retail outlets

o  Consolidated customer care centers
   and operations support systems for
   all products
     -  One-call access for all products and services
     -  Consolidated, itemized bill

Photo of retail center.

                                      25
<PAGE>

When Quality Matters
--------------------------------------------------------------------------------

       Hospitals

 . Augusta Health Care
    -  PRI CLEC Service

 . Rockingham Memorial Hospital
    -  PRI CLEC Service
    -  Private Fiber Network
    -  100 meg Circuit
    -  PCS

 . Genesis/1/
    -  PRI CLEC Service
    -  Private Fiber Network


      Colleges & Universities

 . James Madison University
    -  PRI Service
    -  100 meg Circuits
    -  PCS

 . Eastern Mennonite University
    -  PRI Service
    -  PCS

 . Mary Baldwin College
    -  PRI Service

 . Bridgewater College
    -  T-l Internet Service
    -  PRI Service

 . Liberty University
    -  PRI Service
    -  PCS


Monthly Revenues over $46,000

26  /1/Services contracted to begin in early 2001            [LOGO]
<PAGE>

Pro Forma Historical Operating Statistics
--------------------------------------------------------------------------------

                          1995        1996         1997        1998        1999
                          ----        ----         ----        ----        ----
Subscribers
   PCS                       -           -       23,758      69,797     122,150
      % Growth               -           -            -      193.8%       75.0%
   Internet                  -         363        4,800       8,659      47,290
      % Growth               -           -     1,222.3%       80.4%      446.1%

Access Lines
   CLEC                      -           -            -       1,688       9,176
      % Growth               -           -            -           -      443.6%
   ILEC                 41,689      43,371       45,495      47,258      50,157
      % Growth              NA        4.0%         4.9%        3.9%        6.1%


                                      27
<PAGE>

Pro Forma Historical Financial Statistics
-----------------------------------------

Revenues
--------
($MM)

[Graph]

                 Wireline/
        PCS      Other
        ---      -----
1995       -     54.6
1996     0.7     62.1
1997    11.3     72.3
1998    36.0     85.0
1999    66.9     98.7


EBITDA
------
($MM)

[Graph]

                 Wireline/
        PCS      Other
        ---      -----
1995       -     26.3
1996   (14.9)    29.5
1997   (28.0)    34.9
1998   (30.5)    39.8
1999   (28.5)    37.6


Capital Expenditures
--------------------
($MM)

[Graph]

                 Wireline/
        PCS      Other
        ---      -----
1995     7.3     15.2
1996    98.1     21.0
1997    68.1     22.2
1998    63.6     20.8
1999    61.5     43.6


                                      28
<PAGE>

Investment Highlights

o  Transactions solidify position as regional PCS / ICP powerhouse

o  Region's first and largest PCS provider utilizing CDMA technology

o  Established, local CLEC and ILEC presence provides stable revenues

o  Explosive Internet growth increases bundled service offerings

o  Significant liquidity and financial flexibility

     -  Positive EBITDA
     -  $250MM of new preferred stock
     -  $175MM available at closing under senior credit facility
     -  $100MM+ in non-core assets available for sale

o  Experienced management team

                                      29
<PAGE>

                                  SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                          NTELOS Inc.
                                          (Registrant)

                                          By: /s/ Michael B. Moneymaker
                                              --------------------------
                                              Michael B. Moneymaker
                                              Chief Financial Officer and Senior
                                              Vice President, Treasurer and
                                              Secretary

Date: December 11, 2000


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