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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..]
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To: SteveG who wrote (479)7/13/1999 9:23:00 AM
From: MangoBoy  Read Replies (1) of 1860
 
[Advanced Radio Telecom Announces Receipt of Requisite Consents Pursuant to Consent Solicitation]

Bellevue Wash. -- July 13, 1999 - Advanced Radio Telecom Corp. announced today that it obtained the requisite consents from the holders of its 14% Senior Notes due 2007 needed to amend the related Indenture pursuant to the consent solicitation that it commenced on June 28, 1999.

Obtaining the consents to the amendments to the Indenture contemplated by the consent solicitation is a condition to the proposed $251 million equity investment in ART by Qwest Communications International Inc., and a group of high-tech investment funds led by Oak Investment Partners.

"With the receipt of these consents from our bondholders, all prerequisites of this financing have been satisfied other than the required shareholder approval and customary closing conditions," said Henry C. (Harry) Hirsch, ART chairman and CEO. "Amending the covenants of this indenture gives us much greater flexibility in financing the rapid growth that we expect over the next several years as we roll out our broadband wireless networks in a number of markets domestically and internationally."

ART will pay a consent fee of $30 for each $1,000 in principal amount of the notes outstanding to each holder of record on June 25, 1999 who properly and timely delivered, and has not revoked, its consent to the proposed amendments.
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