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| AirGate PCS, Inc. |
| 230 Peachtree Street, N.W., Suite 1700, Atlanta, GA 30303 * (404) 522-8004 |
| Business Description | The company is the exclusive Sprint PCS affiliate in the Southeast and the second largest Sprint PCS affiliate in the United States based on population. |
| Offering Information Company has | |||
| Trading As | PCSA (NASNTL) | Industry | Telecommunications (SIC 4812) |
| Type of Stock Offered | Common Shares | Filing Date | 5/24/99 |
| Domestic Shares Offered | 6,700,000 | Offer Date | 9/27/99 |
| Foreign Shares Offered | 0 | Filing Range | $14.00 - $16.00 |
| Company Shares | 6,700,000 | Offer Price | $17.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.190 |
| Gross Proceeds | $113,900,000 | Selling | $0.710 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 371-0641 |
| Robinson-Humphrey Company, Inc., The | Co-manager | (404) 266-6450 |
| SG Cowen | Co-manager | (212) 495-6000 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/96 | 12/31/97 | 12/31/98 | ||||
| Revenues | - | - | 0.000 | 0.000 | 0.000 | - | - |
| Income from Oper. | - | - | -1.271 | -2.099 | -3.800 | - | - |
| Net Income | - | - | -1.853 | -2.916 | -5.192 | - | - |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -2.18 | - | - | ||||
| Cash Flow - Inv. | -5.18 | - | - | ||||
| Cash Flow - Fin. | 9.50 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/98 | Financial Ratios | ||||
| Total Assets | 15.45 | Current Assets | 2.77 | Current Ratio | 0.17 |
| Total Liab. | 20.80 | Current Liab. | 16.48 | Debt Ratio | 134.63% |
| Total Equity | -5.35 | Working Cap. | -13.71 | Debt to Equity Ratio | - |
| Cash | 2.30 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to fund capital expenditures, including the build-out of the PCS network, operating losses, working capital, repayment of existing debt and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Patton Boggs LLP |
| Bank's Law Firm | Skadden, Arps, Slate, Meagher & Flom |
| Auditor | KPMG LLC |
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