Triton PCS Holdings Inc. –

MALVERN, Pa. – Triton PCS Holdings Inc., a cellular telecommunications service provider, went public October 28, offering 10 million shares at $18 apiece, above its $15 to $17 filing range.

Morgan Stanley Dean Witter & Co., Lehman Brothers, Salomon Smith Barney and J.P. Morgan & Co. underwrote the offering, which left 59.8 million shares outstanding.

Venture backers included CB Capital Investors L.P., J.P. Morgan Investment Corp., Desai Capital Management Inc., Toronto Dominion Capital (USA) Inc., First Union Capital Partners Inc., DAG-Triton PCS L.P. and AT&T Wireless PCS. There were no selling shareholders.

The company provides cellular phone services to more than 100,000 subscribers in six Southeastern states as a part of the AT&T Wireless Services network.

Triton expects the $165.9 million in proceeds from the IPO to be used for general corporate purposes, including working capital, sales and marketing activities and capital expenditures in connection with the expansion of its personal communications services network.

Triton has never been profitable, losing $6.9 million in the six months ended June 30, 1998 and $64.7 million in the six months ended June 30, 1999.

Jon Watkins, a managing director at J.P. Morgan, joined the company’s board of directors in October 1997, followed by Mary Hawkins-Key, senior vice-president at AT&T Wireless, in January.

Triton PCS Holdings – Selected Financial

(in thousands, except per share data)

March 6, 1997 (inception) Year Ended Six Months Ended June 30

through December 31, 1997 December 31, 1998 1998 1999

Total revenue 16,578 38,242

Net loss -3,961 -32,740 -6,903 -64,712