A bit confusing from the headlines. One of the headlines says they raised $500mil in a debt offering and were using the proceeds and existing cash to pay off other debt. The next headline says they sold $1bil worth and did not mention the purpose. Either way, it is interesting to me because they are restructuring their debt.
The $0.5 Billion was later raised to $1.0B. Probably lots of interested buyers. Still all being used as a refinancing.
PCS had $2.5B due in 2014. So I guess they have another $1.5B to go if they want. The current refinance will save them about $14 Million in interest annually, as well as move the maturity from 4 to 8 years away.