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.,
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.