NextWave Receives $2.5 Billion Debt Financing Commitment from UBS

date: August 21, 2001

NextWave Telecom today announced that UBS Warburg has committed to provide the company with $2.5 billion in debt financing to fund the construction of its nationwide 3G wireless network.

UBS Warburg has also been engaged by NextWave to serve as the company's financial advisor and will assist the company in consummating its plan of reorganization.

"We are pleased to have formed a relationship with a world-renowned financial institution such as UBS Warburg. Their financial resources and global wireless expertise will help us deploy our advanced IP-based wireless network and introduce the next-generation, high-speed mobile Internet services that the market is demanding," said Allen Salmasi, NextWave's Chairman and Chief Executive Officer.

NextWave will utilize the financing to support the deployment of its 3G CDMA2000 wireless network. NextWave's nationwide network will provide broadband mobile data service at speeds of up to 2.4 mbps and support a wide range of next-generation mobile applications including full web access, streaming video, high-fidelity audio downloads, multimedia messaging, and corporate VPN access.

On August 6, 2001 NextWave filed and announced its plan of reorganization, which is now pending before the Federal Bankruptcy Court of the Southern District of NY. Today's announcement is in connection with the equity and debt financing committed to fund NextWave's plan of reorganization, and is subject to various terms and conditions, and to NextWave's successful consummation of its plan of reorganization.

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