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| Borrower | Devon Mobile Communications LP. - in bankruptcy. | |
| Loan | A $7,200,000 - three-year loan with interest at 12% for the first year, and 18% for the second and third years. The loan was approved by the bankruptcy court. | |
| Collateral | A lien on 16 PCS licenses and their associated network equipment. Some of these licenses were subject to prior liens to the FCC, but others were unencumbered. | |
| Guarantors | None | |
| Purpose | The Borrower needed the cash to fund the orderly liquidation of its assets. Its affairs had been thrown into chaos by the bankruptcy of Adelphia, its major owner. | |
| Exit strategy | The borrower planned to repay us from proceeds of sales of its PCS licenses. Some of these sales were already agreed and wanted only the approval of the Court. | |
| Outcome | The loan was never fully drawn and was repaid within six months. |
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