iPCS Plans Big Dividend

It will be $11 a share.
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iPCS (IPCS) set plans for an $11-a-share special dividend and said it would raise $475 million by selling debt to institutional investors.

The Schaumburg, Ill.,

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affiliate said it will sell $300 million of first-lien senior secured floating rate notes due 2013 and $175 million of second-lien senior secured floating rate notes due 2014 in a private placement transaction.

It will use proceeds to pay $186 million in dividends and to retire some existing notes.

Shares were halted late Monday after falling 31 cents to $48.65.