-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LsPoc9AhFFfHszMaeeGxViLFBRbZs9AA/+I/lp3JX8UNVBU1sW+ZF9EaaMeeA2Ux XkCbFlcB0w/AVJZJSxalOg== 0001086844-04-000013.txt : 20040212 0001086844-04-000013.hdr.sgml : 20040212 20040212111004 ACCESSION NUMBER: 0001086844-04-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040212 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGATE PCS INC /DE/ CENTRAL INDEX KEY: 0001086844 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 582422929 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27455 FILM NUMBER: 04588903 BUSINESS ADDRESS: STREET 1: 233 PEACHTREE ST NE STREET 2: SUITE 1700 CITY: ATLANTA STATE: GA ZIP: 30303 BUSINESS PHONE: 4045257272 MAIL ADDRESS: STREET 1: 233 PEACHTREE ST STREET 2: SUITE 1700 CITY: ATLANTA STATE: GA ZIP: 30303 8-K 1 form8k_021204.txt PRESS RELEASE DATED FEBRUARY 12, 2004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 12, 2004 AIRGATE PCS, INC. (Exact name of Registrant as specified in its charter) Delaware 027455 58-2422929 (State or other (Commission File Number) (IRS Employer jurisdiction of Identification incorporation) Number) Harris Tower, 233 Peachtree Street N.E., Suite 1700 30303 Atlanta, Georgia (Address of principal executive offices) (Zip Code) (404) 525-7272 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) Item 5. Other Events On February 12, 2004, AirGate PCS, Inc., a Delaware corporation, issued a press release announcing that its shareowners, at a special meeting, had approved the company's recapitalization plan, that the previously-announced exchange offers had expired, and that the company had accepted all validly tendered and not withdrawn discount notes. The Press Release is attached hereto as exhibit 99.1 and is incorporated herein by reference. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. Exhibit No. Description 99.1 Press Release, dated February 12, 2004, issued by AirGate PCS, Inc. to announce shareowner approval of recapitalization plan, expiration of exchange offers, and acceptance of validly tendered and not withdrawn discount notes. 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. AIRGATE PCS, INC. (Registrant) Date: February 12, 2004 By: /s/ William H. Seippel ________________________________ Name: William H. Seippel Title: Chief Financial Officer EXHIBIT INDEX Exhibit No. Description 99.1 Press Release, dated February 12, 2004, issued by AirGate PCS, Inc. to announce shareowner approval of recapitalization plan, expiration of exchange offers, and acceptance of validly tendered and not withdrawn discount notes. EX-99.1 3 ex99_1.txt PRESS RELEASE DATED DECEMBER 12, 2004 Exhibit 99.1 [GRAPHIC OMITTED] SHAREOWNERS OF AIRGATE PCS, INC. APPROVE RECAPITALIZATION AND THE COMPANY ACCEPTS ALL 99.4% OF OUTSTANDING DISCOUNT NOTES TENDERED IN THE EXCHANGE OFFERS ATLANTA (February 12, 2004) - AirGate PCS, Inc. (OTCBB:PCSA.OB), a PCS Affiliate of Sprint, today announced that, at a special meeting of AirGate shareowners held this morning, AirGate's shareowners approved the issuance of the shares of AirGate's common stock in AirGate's previously-announced exchange offers and implementation of a 1 for 5 reverse split of its common stock, each of which is a condition to completion of the exchange offers. The exchange offers and reverse stock split are part of AirGate's previously-announced recapitalization plan, which includes AirGate's offer to exchange all of its outstanding 13.5% Senior Subordinated Discount Notes due 2009 for up to 56% of AirGate's outstanding common stock and $160 million in aggregate principal amount of new 9 3/8% Senior Subordinated Secured Notes due 2009. AirGate also announced today that it has accepted for exchange all of its outstanding discount notes that were validly tendered and not withdrawn prior to the expiration of the exchange offers and related consent solicitations at 9:30 a.m., New York City time, today. As of that time, AirGate had received tenders and consents from holders representing more than 99% of the outstanding discount notes. The settlement of the exchange offers is expected to occur on February 20, 2004. AirGate expects to effect the reverse stock split on Friday, February 13, 2004 and anticipates trading on a post-split basis to commence on February 17, 2004. As a result of the reverse stock split, AirGate shareowners will receive one share of common stock, and cash resulting from the elimination of any fractional shares, in exchange for each five shares of common stock currently outstanding. Information with instructions for redeeming stock certificates and receiving payment for fractional shares will be sent to AirGate shareowners. At the special meeting, AirGate's shareowners also approved an increase in the number of shares of common stock reserved and available for issuance under AirGate's long term incentive plan, an amendment to AirGate's long term incentive plan and the issuance of restricted stock units and stock options to certain of AirGate's executives, none of which was a condition to completion of the exchange offers. About AirGate PCS AirGate PCS, Inc. is the PCS Affiliate of Sprint with the right to sell wireless mobility communications network products and services under the Sprint brand in territories within three states located in the Southeastern United States. The territories include over 7.2 million residents in key markets such as Charleston, Columbia, and Greenville-Spartanburg, South Carolina; Augusta and Savannah, Georgia; and Asheville, Wilmington and the Outer Banks of North Carolina. # # # This news release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections about the wireless industry, the recapitalization plan, our beliefs and our management's assumptions. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results to differ include: our ability to consummate the restructuring; the impact of a prepackaged or other plan of reorganization for AirGate; our dependence on the success of Sprint's wireless business; the competitiveness and impact of Sprint wireless pricing plans and PCS products and services; intense competition in the wireless market and the unsettled nature of the wireless market; the potential to continue to experience a high rate of customer turnover; the ability of Sprint to provide back office billing, subscriber care and other services and the quality and costs of such services or, alternatively, our ability to outsource all or a portion of these services at acceptable costs and the quality of such services; subscriber credit quality; the ability to successfully leverage 3G products and services; inaccuracies in financial information provided by Sprint; new charges and fees, or increased charges and fees, imposed by Sprint; the impact and outcome of disputes with Sprint; our ability to predict future customer growth, as well as other key operating metrics; the impact of spending cuts on network quality, customer retention and customer growth; rates of penetration in the wireless industry; our significant level of indebtedness and debt covenant requirements; the impact and outcome of legal proceedings between other Sprint network partners and Sprint; the potential need for additional sources of capital and liquidity; risks related to our ability to compete with larger, more established businesses; anticipated future losses; rapid technological and market change; an adequate supply of subscriber equipment; the current economic slowdown; and the volatility of AirGate PCS' stock price. For a detailed discussion of these and other cautionary statements and factors that could cause actual results to differ from those contained in this news release, please refer to AirGate PCS' filings with the SEC, especially in the "risk factors" section of AirGate PCS' Form 10-K for the fiscal year ended September 30, 2003 and Registration Statement on Form S-4 relating to the public exchange offer, and in subsequent filings with the SEC. Except as otherwise required under federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise. -----END PRIVACY-ENHANCED MESSAGE-----