Subject: [NEXTEL-1] Tricom Announces $70 Million Equity Investment

From: Marcel <[email-masked]>
Date: Thu, 02 Jan 2003 17:42:51 -0500

Tricom Announces $70 Million Equity Investment
Story Filed: Thursday, January 02, 2003 4:39 PM EST

SANTO DOMINGO, Dominican Republic, Jan 2, 2003 /PRNewswire-FirstCall via COMTEX/ -- TRICOM
(NYSE: TDR),
a regional integrated communications provider in the U.S., Caribbean and Central America,
today announced a $70 million
equity investment from a group of private investors, led by Arturo Pellerano, the
company's chairman and chief executive
officer.

The full amount of the proceeds will be used to repay short-term debt reducing the
company's interest requirements. Tricom
will issue 21,212,121 shares of the company's Class A common stock at a price of $3.30 per
share. After the investment, the
company will have 64,602,585 total shares outstanding, including 45,458,041 Class A
shares. The new equity investment is
part of a comprehensive effort to strengthen the company's capital structure.

During 2002 the company refinanced approximately $118 million of short- term debt to
long-term debt. On December 18,
2002, the company announced that it intends to offer to exchange new debt securities for
the entire $200 million aggregate
outstanding principal amount of its 11-3/8% Senior Notes due 2004. A registration
statement relating to the securities offered in
the exchange offer has been filed with the Securities and Exchange Commission but has not
yet become effective.

This press release is not an offer to sell or the solicitation of an offer to buy any of
the securities to be issued in the exchange
offer described above nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities laws of any
such jurisdiction. The company expects
to commence the exchange offer promptly after the registration statement is declared
effective by the Securities and Exchange
Commission.

The securities to be sold in the private placement have not been registered under the
Securities Act of 1933, as amended (the
"Securities Act"), and may not be offered or sold in the United States unless registered
under the Securities Act or an
applicable exemption from registration is available. This press release does not
constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws of any such state.

About TRICOM

TRICOM, S.A. is a full service communications services provider in the Dominican Republic.
We offer local, long distance,
mobile, cable television and broadband data transmission and Internet services. Through
TRICOM USA, we are one of the
few Latin American based long distance carriers that is licensed by the U.S. Federal
Communications Commission to own and
operate switching facilities in the United States. Through our subsidiary, TCN Dominicana,
S.A., we are the largest cable
television operator in the Dominican Republic based on our number of subscribers and homes
passed. We also offer digital
mobile integrated services including two-way radio and paging services in Panama using
iDEN(R) technology. For more
information about TRICOM, please visit www.tricom.net

Cautionary Language Concerning Forward-Looking Statements

This release contains certain "forward-looking statements" based on management's current
expectations, which may involve
known and unknown risks, uncertainties, and other factors not under TRICOM's control,
which may cause actual results,
performance and achievements of TRICOM to be materially different from the results,
performance, or expectations of
TRICOM. These factors include, but are not limited to those detailed in TRICOM's periodic
filings with the Securities and
Exchange Commission.

For Further Information Contact:
Investor Relations
TRICOM, S. A.
Ph (809) 476-4044
e-mail: [email-masked]

For additional information, please visit TRICOM's Investor Relations website at
http://www.tdr-investor.com SOURCE
TRICOM, S.A.

CONTACT:          Miguel Guerrero of TRICOM Investor Relations, +1-809-476-4012,
or [email-masked]

URL:
http://www.tricom.net
http://library.northernlight.com/FE20030102640000030.html?cb=0&dx=1006&sc=0#doc

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