NEXTWAVE WIRELESS INC
			Symbol			WAVE

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NextWave Wireless Obtains Additional Financing

2009-07-06 07:00 ET - News Release

SAN DIEGO -- (Business Wire)

NextWave Wireless Inc. (NASDAQ:WAVE) 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. 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.

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