Canyon Partners provided NextWave with a $200 million senior secured first lien term loan facility.

Canyon Partners is a portfolio company of Solus Alternative Asset Management and Avenue Capital Group.

Proceeds from the term loan will be used to retire existing debt and to provide operational funding and access to capital for potential future strategic transactions.

“This financing strengthens the company’s balance sheet and evidences the importance of the 2.5 GHz band for 5G services,” Frank Cassou, president and CEO of NextWave, said. “We look forward to the continued expansion of this band to lead high-speed wireless broadband deployments in the nation’s largest metro markets.”

“The transaction brings valuable financial resources to NextWave. The new capital structure with favorable debt maturities provides liquidity for working capital and execution of growth priorities,” Craig Chobor of Solus Alternative Asset Management, said.

Moelis & Company acted as placement agent to NextWave and Lowenstein Sandler acted as legal advisor to NextWave.