January 24, 2017 2:35 AM ET

Diversified Financial Services

Company Overview of NII Capital Corp.

Company Overview

NII Capital Corp. provides senior notes to NII Holdings, Inc. The company is based in Reston, Virginia. NII Capital Corp. is a subsidiary of NII Holdings, Inc.

1875 Explorer Street

Suite 800

Reston, VA 20190

United States



Key Executives for NII Capital Corp.

Chief Executive Officer of NII Holdings, Inc.
Age: 53
Compensation as of Fiscal Year 2016.

NII Capital Corp. Key Developments

Modified First Amended Reorganization Plan Approved for NII Holdings Inc.

The US Bankruptcy Court approved the modified first amended plan of reorganization of NII Holdings Inc. on June 19, 2015. The debtor filed its modified first amended plan in the Court on June 19, 2015. As per the amended plan, administrative claims, statutory fees, professional fees, priority tax claims and priority claims of $0.13 million shall be paid in full in cash. Secured claims of $0.05 million shall be reinstated; or paid in full in cash; or satisfied through delivery of collateral. Sale-Leaseback Guaranty Claims of Holdings Debtor Group and Sale-Leaseback Guaranty Claims of Luxembourg Debtor Group will receive New-ATC Guaranty. Luxco Note claims of $1694.88 million will have a recovery of 99.99% in the amount of $1694.83 million in the form of cash and stock. Capco Note Claims of $258.13 million will have a recovery of 29.14% in the amount of $832.93 million in the form of cash and equity. CDB Documents Claims of Holdings Debtor Group will receive the CDB Amended Guarantees. General unsecured claims will receive distribution equal to their respective share of the property available for distribution. Convenience claims will receive cash equal to the amount of such allowed claim. Section 510 claims will be extinguished and cancelled under plan on the effective date. Non-Debtor Affiliate Claims will be reinstated. NII Interests will be extinguished and will receive no distribution under the plan. Subsidiary Debtor Equity Interests will be reinstated. The plan shall be funded through cash of $118.94 million, rights offering for reorganized NII common stock of $250 million and new NII exit financing facility of $250 million will be issued to be used to fund the business plan of the reorganized debtor.

DIP Financing Approved for NII Holdings Inc.

The US Bankruptcy Court gave an order to NII International Telecom S.C.A., an affiliate of NII Holdings Inc., to obtain DIP financing on March 23, 2015. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $350 million from Luxco Group (Ad Hoc Committee of the holders of the Luxco Notes), Capital Group (a group of entities managed by Capital Research and Management Company) and Aurelius (a group of entities managed by Aurelius Capital Management, LP) with Credit Suisse AG acting as the administrative agent. Luxco Group, Capital Group and Aurelius will contribute 65%, 20.56% and 14.44% to the total DIP facility respectively. The DIP loan would either carry the alternate base rate plus the applicable margin or the adjusted LIBOR rate plus the applicable margin, along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 0.50% p.a and agent fees of $0.13 million. The DIP facility would mature either 12 months after the date of entry of the Order or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.10 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The proceeds of DIP financing would be used for general corporate purposes of the debtors and their subsidiaries, to pay annual licensing fees of one or more of the debtors' subsidiaries in Mexico, to fund operating expenses and capital expenditures of the debtors and their subsidiaries in the ordinary course of business and to pay transaction fees and costs and expenses related to the dip facility.

Motion for Asset Sale Approved for NII Holdings Inc.

The US Bankruptcy Court gave an order approving the sale of the subsidiary of NII Holdings, Inc. on March 23, 2015. The debtor has been authorized to sell its subsidiary, NII Mexico to New Cingular Wireless Services, Inc., the stalking horse bidder for a purchase price of $1.875 billion. The debtor did not receive any other competing bids for the purchase of its assets and therefore New Cingular Wireless Services, Inc. emerged as the winning bidder.

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