Subject: [NEXTEL-1] NII Holdings files to sell

From: [email-masked]
Date: Fri, 08 Aug 2003 01:52:00 -0400

UPDATE 1-NII Holdings files to sell
2 mln shares
Thu August 7, 2003 05:26 PM ET
(Adds details, stock price)

WASHINGTON, Aug 7 (Reuters) - NII Holdings Inc.
NIHD.O , which provides wireless service in Latin
America, filed on Thursday with the U.S. Securities
and Exchange Commission to sell 2 million
common shares and said investment adviser
MacKay Shields will sell an extra 1 million shares.

The stock sale will be handled by Morgan Stanley, which has an option to buy
450,000 extra shares in case of heavy investor demand. NII will have 22.5 million
shares outstanding when the share sale is completed. Its stock slid 3 percent, or
$1.45, to close at $46.90 on Nasdaq. NII, based in Reston, Virginia, and a former
unit of Nextel Communications Inc. NXTL.O , predicted it will net about $90.8
million in proceeds, $86 million of which will be used to retire all debt under a
Brazil
equipment facility.

The rest of the money will be used to fund a portion of the $100 million
prepayment of an international equipment facility. NII said it will not receive
any of the proceeds from the shares offered by MacKay, which is selling shares on
behalf of certain clients, according to the SEC filing. MacKay, on behalf of
certain accounts, currently owns 2.3 million shares, or 11.16 percent. Following
the sale of 1 million shares, it will own 1.3 million shares, or 5.73 percent, the
filing added.

http://reuters.com/financeNewsArticle.jhtml?type=governmentFilingsNews&storyID=3241251

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