RESTON, Va., Nov. 1, 2017 /PRNewswire/ -- NII Holdings,
Inc. [NASDAQ: NIHD] today announced that its Brazilian operating
subsidiary, Nextel Telecomunicações Ltda. ("Nextel Brazil"), signed
amendments to its loan agreements with the China Development Bank,
Banco do Brazil S.A. and Caixa
Econômica Federal.
Among other changes, these amendments provide for the deferral
of substantially all principal payments for the first 48 months
from the date of effectiveness and a holiday for certain financial
covenant compliance, including the net debt financial covenant,
until June 30, 2020. When the
amendments are effective, Nextel Brazil will be subject to minimum
cash and minimum receivable requirements. The amendments provide
for a loan maturity date 98 months from the date the amendments
become effective. In connection with the amendments, Nextel
Brazil will grant additional security interests to each of its bank
lenders in the form of preferential rights to amounts held in
certain of Nextel Brazil's bank accounts and will pledge certain of
its equipment and property to these lenders.
The amendments are subject to approval by Sinosure and are not
effective until such approval is received. The Company expects to
receive Sinosure's approval on or before December 31, 2017, although there is no guarantee
that such approval will be granted by December 31, 2017 or at all.
"The signing of the amendments marks a significant milestone in
our efforts to improve our financial outlook and liquidity and will
enable us to continue to invest in and grow our business in
Brazil," stated Dan Freiman, Chief Financial Officer of NII
Holdings. "We are actively working to obtain the final approvals
necessary for the amendments to become effective."
About NII Holdings, Inc.
NII Holdings, Inc., a publicly held company based in
Reston, Virginia, is a provider of
differentiated mobile communication services for businesses and
high value consumers in Brazil.
NII Holdings, operating under the Nextel brand, offers fully
integrated wireless communication tools with digital cellular voice
services, data services and wireless Internet access. Visit the
Company's website at www.nii.com.
Nextel, the Nextel logo and Nextel Direct Connect are
trademarks and/or service marks of Nextel Communications,
Inc.
Visit NII Holdings' news room for news and to access our
markets' news centers: nii.com/newsroom.
Media Contacts:
NII Holdings, Inc.
1875 Explorer Street, Suite 800
Reston, Virginia 20190
(703) 390-5100
www.nii.com;
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SOURCE NII Holdings, Inc.