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To: Mark Fowler who wrote (82268)	10/28/1999 2:24:00 PM
From: H James Morris	Respond to of 164684

>>Malvern, Pennsylvania, Oct. 28 (Bloomberg) -- Triton PCS, a provider of digital mobile telephone service in the southeastern U.S. whose largest stakeholder is AT&T Corp., doubled in its first day of trading. The Malvern, Pennsylvania-based company rose 18 3/4 to 36 3/4 as 5 million shares changed hands in early afternoon trading. Earlier, the shares reached 39 1/4, giving the company a market value of $2.37 billion. Triton services reach parts of Virginia, North Carolina, South Carolina, Tennessee, Georgia and Kentucky using government licenses obtained from AT&T, the largest U.S. telephone company, in return for granting AT&T about 21 percent of Triton's shares. AT&T is building its own digital wireless network, but has entered into similar agreements with three other independent wireless operators, Triton said. Triton said the areas it serves are attractive because they are close to areas covered by AT&T's wireless systems in Washington, D.C., Charlotte, North Carolina, and Atlanta. Triton said it is the preferred provider of service to AT&T customers who ``roam' -- use their mobile phones outside their specified coverage areas -- into its markets. The number of Triton subscribers grew to 78,364 in June from 33,844 in January, and roaming minutes -- used to calculate customers' fees -- grew to 11.4 million from 700,000 during these months, Triton said. Triton lost $64.7 million for the six months ended June 30 on sales of $38.2 million, compared with a loss of $32.7 million on sales of $16.6 million for 1998. The company began business through a predecessor company in March 1997. Michael Kalogris, 50, the company's chief executive, was previously the CEO of Horizon Cellular Group, which became the fifth-largest independent wireless telephone company in the U.S., and was sold for about $575 million, according to Triton's registration statement. Steven Skinner, 57, the company's president and chief operating officer, served as COO at Horizon. Triton sold 10 million shares at $18 each yesterday, raising $180 million. The shares were sold $1 above the $15 to $17 range predicted by Morgan Stanley Dean Witter & Co., which handled the transaction. The company sold 625,000 more shares than expected. The sale amounted to 17 percent of the outstanding 60.4 million shares, and gave the two-year old company a market value of $1.09 billion. Triton trades under the symbol ``TPCS' on the Nasdaq Stock Market. Lehman Brothers Inc., Salomon Smith Barney Inc., First Union Securities Inc., and J.P. Morgan Securities Inc. assisted in the sale. >>