To All: News release on financing:
Tuesday April 6,
Company Press Release
SOURCE:Omnipoint Corporation
Omnipoint Closes $225 Million of Siemens and Nortel Networks Financing
CEDAR KNOLLS, N.J., April 6 -- Omnipoint Corporation(Nasdaq: OMPT) announced that it had signed definitive agreements on March 30, 1999 for 225 million in working capital and vendor financing commitments with telecommunications equipment suppliers Siemens Information and Communication Networks, Inc. and Nortel Networks.
On March 31, 1999, Omnipoint received 125 million in funding (100 million from Siemens and 25 million from Nortel Networks), all of which can be used for general working capital purposes. In addition to the funded 125 million, Omnipoint signed definitive agreements for 100 million from Siemens which will be used primarily for capital expenditure financing. A second 25 million from Nortel, which can be used for general working capital purposes or for capital expenditure
financing will be funded upon signing of a term sheet with a strategic equity partner.
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Anyone have any thoughts on this? With OMPT at $14 1/16 x 1/8 it looks like the street likes it.....at least....so far. By the way, the WSJ has an article today about WCOM & NXTL coming to some sort of agreement. This MAY give us a read on how OMPT may play out with their strategic partner....
John~ |
