NextWave HoldCo LLC Announces $200 Million Debt Financing

NextWave HoldCo LLC, (“NextWave”), an independent holder of 2.5 GHz wireless spectrum in major U.S. metro markets, today announced the signing of a new $200 million Senior Secured First Lien Term Loan Facility (the "Term Loan") provided by Canyon Partners, LLC. NextWave is a portfolio company of Solus Alternative Asset Management and Avenue Capital Group.

Proceeds from the Term Loan will be used to retire existing debt, provide operational funding, and access to capital for potential future strategic transactions.

“This financing strengthens the company's balance sheet and evidences the importance of the 2.5 GHz band for 5G services,” said Frank Cassou, President and CEO of NextWave. “We look forward to the continued expansion of this band to lead high-speed wireless broadband deployments in the nation’s largest metro markets.”

Craig Chobor of Solus Alternative Asset Management continued, “The transaction brings valuable financial resources to NextWave. The new capital structure with favorable debt maturities provides liquidity for working capital and execution of growth priorities.”

Moelis & Company LLC acted as placement agent to NextWave and Lowenstein Sandler LLP acted as legal advisor to NextWave.

About NextWave HoldCo LLC

NextWave HoldCo LLC is a holding company for a significant wireless spectrum portfolio. NextWave controls 20 spectrum licenses in the 2.5 GHz band comprising ~1.0 billion MHz-POPs. The majority of the company’s spectrum holdings are in the New York metro market, with additional licenses covering portions of the Orange County, San Francisco, Philadelphia, Dallas, and Las Vegas metropolitan areas. The company and its team of experts and advisors have over 20 years of experience in the management and operation of wireless spectrum assets.

About Canyon Partners, LLC

Founded and partner owned since 1990, Canyon employs a deep value, credit intensive approach across its investment platform. Canyon specializes in value-oriented special situation investments for endowments, foundations, pension funds, sovereign wealth funds, family offices and other institutional investors. The firm invests across a broad range of asset classes, including distressed loans, corporate bonds, convertible bonds, securitized assets, direct investments, real estate, arbitrage, and event-oriented equities. For more information visit: www.canyonpartners.com.

Contacts

Ruth Stoffel
NextWave HoldCo LLC
rstoffel@nextwave.com