NextWave Redeems Non-Recourse Notes: NextWave continues to proceed apace with the auctions, the corporate reorganization, the public listing of the stock and now redemption of the notes. The cynics out there have been wrong thus far.
nextwave.com
NextWave Wireless LLC to Redeem $148.5 million of Non-Recourse secured Notes
Notes Issued in 2005 as Part of NextWave Telecom Reorganization
SAN DIEGO, CA – December 7, 2006 – NextWave Wireless LLC, a wholly owned subsidiary of NextWave Wireless Inc., announced today it will redeem, at approximately 103.5% of face value, the Non-Recourse Secured Notes issued on April 13, 2005 to the former equity holders of NextWave Telecom Inc. Funds to redeem the notes will be paid from proceeds originally placed into escrow in connection with the sale of NextWave Telecom to Verizon Wireless in April 2005.
The holders of the Non-Recourse Secured Notes will receive a notice of redemption from the Company’s escrow agent. The notice will contain instructions for the note holders to return their Notes and to provide payment instructions. The Indenture requires that holders be given 30 days notice prior to any redemption date. This requirement may be waived by a majority in aggregate principal amount of the Notes, and the Company will provide the opportunity for the holders to provide such a waiver with the notice of redemption.
For further information please refer to the Form 8-K, dated December 7, 2006, that the Company has filed with the U.S. Securities and Exchange Commission.
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