By Sheri Kasprzak
New York, March 29 - NextWave Wireless Inc. completed a private placement of convertible preferred stock for $355 million.
The company sold 355,000 shares of the preferreds at $1,000 apiece.
The preferreds are convertible into common shares at $11.05 each. The conversion price is a 10.5% premium to the company's $10.00 closing stock price on Wednesday.
UBS was the placement agent.
Proceeds will be used for the development of new wireless technologies, the expansion of the company's business and for future strategic acquisitions.
NextWave, based in San Diego, develops wireless broadband products and technologies for mobile device and network manufacturers.
| Issuer: | NextWave Wireless Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $355 million
|
| Shares: | 355,000
|
| Price: | $1,000
|
| Conversion price: | $11.05
|
| Warrants: | No
|
| Placement agent: | UBS
|
| Settlement date: | March 29
|
| Stock symbol: | Nasdaq: WAVE
|
| Stock price: | $9.99 at close March 29
|
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