Rochester, NY 7/9/2009 9:39:45 PM
Stock Exchange News - WAVE - WAVE Gets Additional Financing to an affiliate of Avenue Capital Management II - Sourced WhisperFromWallStreet.com
NextWave Wireless Inc
Stock Exchange News - WAVE - WAVE Gets Additional Financing to an affiliate of Avenue Capital Management II - Sourced WhisperFromWallStreet.com
COMPANY - NextWave Wireless Inc,WAVE
NEWS - NextWave Wireless Inc.today announced that its wholly owned subsidiary NextWave Wireless LLC has issued $15 million of additional Senior-Subordinated Secured Second Lien Notes due 2010 (“Second Lien Notes”) to an affiliate of Avenue Capital Management II, L.P. After giving effect to original issue discount, NextWave received net proceeds of $14,250,000 to be used in connection with ordinary course business operations.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.
Real-Time: 0.48 Up 0.01 (3.13%) 9:54AM ET
Last Trade: 0.4899
Day's Range: 0.48 - 0.50
52wk Range: 0.07 - 4.22
Volume: 7,491
ABOUT - NextWave Wireless Inc., together with its subsidiaries, develops, produces, and markets mobile multimedia and consumer electronic connectivity product solutions. The company?s product solutions include CORE multimedia framework software product for the playback of video and music in mobile phone handsets; OpenCORE open-sourced multimedia sub-system to create basic audio and video applications; and TwonkyMedia software products that auto-detect and link popular devices through the home, allowing end-users to share and enjoy various forms of mobile-multimedia content on the devices of their choice.
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