NTELOS Holdings Corp. Closes First Installment of Towers Sale to Grain Management

WAYNESBORO, Va., Feb. 18, 2015 /PRNewswire/ -- NTELOS Holdings Corp. (the "Company" or "NTELOS"; NASDAQ: NTLS), a leading regional provider of nationwide wireless voice and data communications and home to the "best value in wireless," today announced it has closed on the first installment of its previously announced towers sale to an affiliate of Grain Management, LLC ("Grain"), a private equity firm focused on investments in the media and communications sectors.  The first closing occurred on February 17, 2015 and consisted of 85 towers with proceeds to the Company of approximately $35 million.

On January 20, 2015, NTELOS announced that it had entered into a definitive agreement to sell up to 103 towers to Grain, with the transaction expected to close in multiple installments during calendar year 2015.  Under the agreement, the Company entered into long-term leases on the sold towers located in its Western Markets.  The Company has access to reserve capacity on the leased towers for future use.

About NTELOS

NTELOS Holdings Corp. (NTLS), operating through its subsidiaries as "nTelos Wireless," is headquartered in Waynesboro, VA, and provides high-speed, dependable nationwide voice and data coverage for approximately 282,100 retail subscribers based in Virginia, West Virginia and portions of Maryland, North Carolina, Pennsylvania, Ohio and Kentucky. The Company's licensed territories in the Western Markets have a total population of approximately 4.4 million residents, of which its wireless network covers approximately 3.1 million residents. The Company is also the exclusive wholesale provider of network services to Sprint Corporation in portions of its western Virginia and West Virginia territories for all Sprint CDMA and LTE wireless customers.

About Grain Management, LLC

Grain Management, LLC is a private equity firm focused on investments in the media and communications sectors.  With offices in Sarasota, FL and Washington, DC, the firm manages funds for a number of the country's leading academic institutions, endowments and public pension funds.  Grain Management also builds, owns and operates wireless infrastructure assets across North America.  For more information, please visit http://www.graingp.com.

FORWARD-LOOKING STATEMENTS

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SOURCE NTELOS Holdings Corp.