NII Holdings Issues Its 2019 Audited Financial Statement And Provides Update On Dissolution Matters
RESTON, Va., May 11, 2020 /PRNewswire/ -- NII Holdings, Inc. ("NII" or the "Company") today issued its 2019 audited financial statement and provided an update on its dissolution.
2019 Audited Financial Statement
The audited financial statement is available on NII's website at www.nii.com.
Update on Dissolution Matters
As previously announced, on January 13, 2020 NII filed a certificate of dissolution with the Secretary of the State of Delaware. Pursuant to the General Corporation Law of the State of Delaware, the Company provided notice to all persons who may have a claim against the Company, and the notice period for claims to be received by the Company expired on April 3, 2020. The Company received multiple claims within such period and is analyzing the claims to determine the appropriate response.
Based on currently available information, NII re-affirms its estimate that the total amount of distributions will be from $2.17 to $2.68 per share. However, the ultimate amount distributable to stockholders will depend on factors outside of NII's control, including, among other things, the amount of cash recovered from escrow amounts related to the sale of NII's operations in Mexico and Brazil, and could vary from NII's current estimates.
In addition, the Company announced that all of its 4.25% Convertible Senior Notes due 2023 had been repurchased. The Company utilized $128.3 million of cash held in escrow to repurchase all $115 million aggregate principal amount of the notes (including accrued interest). As a result, of the $134.8 million cash held in escrow to secure NII's obligations related to these notes, $6.9 million was released to the Company in May 2020.
Also, as previously announced, on December 18, 2019 the Company closed the sale of its wireless operations in Brazil (the "Transaction") in accordance with the terms of the Purchase Agreement, dated March 18, 2019, by and among América Móvil, S.A.B. de C.V. ("AMX"), NII International Holdings S.à r.l. ("NIIH"), AI Brazil Holdings B.V. ("AI Brazil") and NII, as amended from time to time. The purchase price was subject to review and adjustment by AMX for 45 days after the closing of the Transaction. On March 31, 2020, NII, AMX, and AI Brazil entered into a letter agreement whereby the parties agreed that AMX would make an additional payment of approximately $128,000 to NII. With this payment to NII, as well as a final payment from AMX to AI Brazil, the purchase price is final and not subject to further adjustment.
More information about these matters and the Company's financial condition can be found in the Company's 2019 audited financial statement.
About NII Holdings, Inc.
Visit NII Holdings' website at www.nii.com.
Media Contacts:
NII Holdings, Inc.
1405 S Fern Street, #93001
Arlington, VA 22202
(703) 390-5100
www.nii.com
Investor and Media Relations: Tim Mulieri
(703) 547-5209
[email protected]
SOURCE NII Holdings, Inc.
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