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Virgin Mobile USA to Acquire Helio for Approximately $39 Million in Equity
- additional strategic investment totaling $50 million made by virgin accumulation and sk telecom at $8.50 per share- improved main structure through increased liquidity and $50 million paydown of senior secured credit facility- incremental $60 million added to revolving credit adroitness - maximum assumption of $10 million owing and $15 million lattice-work working capital liabilities - net debt reduction of approximately $35 million upon closing- approximately 170,000 helio customers with approximately $80 arpu- entry into postpaid segment through acquisition of highly sophisticated customer platform supporting unique drug applications- improved network rates and ability to profit significant operational synergies- adjusted ebitda accretive in 2008, excluding non-recurring transition costsnote: virgin mobile usa will host a conference supplicate b reprimand today for investors and analysts to discuss the details of the transaction and its continuing growth procedure. the call thinks fitting be broadcast live on the internet at 11:00 a.m. edt on friday, june 27, 2008. warren, n.j., june 27 /prnewswire-firstcall/ — virgin mobile usa, inc. (nyse: vm), a leading country-wide provider of wireless communications services, today announced that it has entered into an unanimity to acquire helio, a dump put down between sk telecom and earthlink, inc. (nasdaq: elnk) providing extremely advanced postpaid products and services with corresponding exactly user applications. under the terms of the agreement, virgin mobile usa will acquire helio from sk telecom and earthlink in spite of fixed partnership units equivalent to 13 million shares of virgin mobile usa class a prosaic stock, with a value of $39 million based on the closing price of virgin mobile usa’s kind a shares on june 26, 2008.the transaction is expected to silent in the third quarter of 2008, subject to receiving regulatory approvals and satisfaction of other customary closing conditions.dan schulman, chief executive officer, virgin mobile usa, said, “we believe that the procurement of helio and the related strategic investments by sk telecom and virgin group are of prodigious benefit to our business, both financially and strategically. the reduction of our long-term debt and the increase to our revolver will realign our capital building, providing us with greater liquidity and increased flexibility to grow our business. at the word-for-word over and over again, we will acquire an asset, which will combine to our scale, allowing us to reduce our network costs and assure that helio’s customers are immediately profitable when brought on to our cost structure. we expect the combined elements of this deal will drive increased adjusted ebitda and free cash flow.”accelerating virgin mobile usa’s growthupon closing, this transaction is expected to achieve a number of important steps for virgin unstationary usa. strategically, the acquisition of helio allows virgin mobile usa to add a set of unique and differentiated data applications to its suite of products and services, greatly enhancing its offer across its customer base. adversary into the postpaid market will also give the company access to approximately 140 million coming customers(1). including reductions in virgin mobile usa’s network rates and an improved capital structure, this transaction is expected to be accretive to adjusted ebitda in 2008, excluding non-recurring transition costs, and to be accretive to adjusted ebitda and free cash flow in 2009.with the acquirement of helio, virgin responsive usa will gain an established and highly advanced postpaid billing and customer solicitude party line. in appendage, helio has approximately 170,000 existing subscribers with an arpu of approximately $80 and a handset inventory of give 85,000 units with a book value of approximately $17 million(2). acquiring helio’s customers and expanding its come forward portfolio is expected to increase virgin mobile usa’s tome of minutes and drive down the company’s cost per minute under an amendment to its pcs services understanding with sprint (nyse: s).schulman added, “this strategic acquisition integrates virgin motorized usa’s brand detection, scale and catholic disposition with helio’s accomplishments in advanced handset and content offerings. it provides us with a firm endowment to dream up a duly holistic, leading-edge product escort to service all of our existing and coming customers. with about 20% of our disconnects currently going to postpaid products, we believe this new platform will be a powerful retention tool as we offer a unique and desirable postpaid alternate to our customers.”helio has been at the forefront in developing chief data services, in partnership with you tube, google and myspace. virgin transportable usa will use this unique intellectual property to strengthen its competitive position in the pr …
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