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The new Second Lien Notes have the same financial and other terms as the Second Lien Notes issued in October 2008, including interest at a rate of 14 percent per annum, which will accrue as payment-in-kind interest prior to the redemption of NextWave Wireless LLC's 7% Senior Notes due 2010 (the "Senior Notes"). In addition, the Second Lien Notes are subject to mandatory redemption at a make-whole premium with the net proceeds of asset sales after the prior redemption of the Senior Notes. The Second Lien Notes will mature on December 31, 2010. As part of the financing, the Avenue Capital affiliate will also receive warrants to purchase 7.5 million shares of NextWave common stock at an exercise price of $.01 per share. Additional details regarding the financing can be found in NextWave's Form 8-K filed on today with the Securities and Exchange Commission.
About NextWave Wireless
NextWave Wireless Inc. is a wireless technology company that develops, produces and markets mobile multimedia and consumer electronic connectivity products including device-embedded software for mobile handsets, client-server media platforms, media sharing software for consumer electronics and pocket-sized mobile broadcast receivers. The company also manages and maintains worldwide wireless spectrum licenses.
Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" for purposes of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. There can be no assurances that forward-looking statements will be achieved, and actual events or results could differ materially from the events or results predicted by such statements. Important factors that could cause actual events or results to differ materially are discussed in greater detail in the filings of NextWave with the Securities and Exchange Commission. All such documents are available through the SEC's website at www.sec.gov. NextWave makes no commitment to update any forward-looking statements in order to reflect subsequent changes in events or circumstances except as may be required pursuant to applicable law.
SOURCE: NextWave Wireless Inc.
NextWave Wireless Investor Relations NextWave Wireless Roseann Rustici Vice President, Investor Relations 203-742-2539 rrustici@nextwave.com or NextWave Wireless Public Relations Ruder Finn, Inc. Jeff Seedman Vice President 310-882-4009 seedmanj@ruderfinn.com
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