Subject: [NEXTEL-1] Verizon Wireless Buys Radio-Wave Licenses

From: Marcel <[email-masked]>
Date: Thu, 19 Dec 2002 23:53:25 -0500

TELECOMMUNICATIONS

Verizon Wireless Buys Radio-Wave Licenses

By JESSE DRUCKER
Staff Reporter of THE WALL STREET JOURNAL

As expected, Verizon Wireless announced it had signed an agreement with Northcoast
Communications LLC, a venture backed by Cablevision Systems Corp., to purchase
50 radio wave spectrum licenses for roughly $750 million.

The all-cash deal is expected to close during the second quarter of 2003. Cablevision
said it plans to use its share of the proceeds, roughly $635 million, to pay down bank
debt.

Verizon Wireless, the country's No. 1 wireless carrier based on number of subscribers,
said it would pay for the purchase using a loan facility with Verizon Communications
Inc. Verizon Wireless is a joint venture of Verizon and Vodafone Group PLC.

The radio-wave spectrum covered by the licenses is located in several big markets,
including New York City, Boston, Columbus, Ohio, Minneapolis and Providence, R.I.,
and could expand the carrier's calling capacity by at least 40% in some of those
markets, according to a spokesman.

Bear Stearns and J.P. Morgan Chase & Co. were the financial advisors to Northcoast.
Verizon Wireless did not use an outside financial advisor.

http://online.wsj.com/public/article_print/0,,SB1040340390332884673,00.html

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