TerreStar has announced that it has enhanced its nationwide spectrum footprint by obtaining, through separate transactions, certain 1.4 GHz spectrum licenses held by EchoStar and CCTV Wireless I (CCTV).
TerreStar has acquired the CCTV 1.4 GHz spectrum pursuant to an assignment from Harbinger Capital Partners Master Fund I and Harbinger Capital Partners Special Situations Fund, LP (collectively, Harbinger).
"This enhanced nationwide spectrum footprint can help TerreStar accomplish its mission to offer reliable, interoperable satellite-terrestrial communications for the commercial, government, rural and public safety sectors throughout North America," stated Jeffrey Epstein, TerreStar President.
TerreStar has purchased EchoStar's 1.4 GHz spectrum, in exchange for the issuance of 30 million shares of TerreStar's Common Stock.
In exchange for 1.2 million shares of newly issued, Non-Voting Junior Participating Preferred Stock (which is convertible into 30 million shares of TerreStar's Common Stock under certain circumstances), Harbinger has assigned its rights to certain 1.4 GHz spectrum licenses to TerreStar Corporation.
"In addition to augmenting our nationwide spectrum footprint, these transactions underscore EchoStar and Harbinger's commitment to TerreStar," added Epstein.
"Further, we continue our discussions with EchoStar to identify new business opportunities between the two companies."
