EXHIBIT 99.1
Winstar Closes Latest Round of Financing Transactions
NEW YORK--Dec. 7, 2000--WINSTAR COMMUNICATIONS, INC. (NASDAQ: WCII), a leading
broadband services company, today announced the closing and funding of
previously announced financing transactions, including a $270 million equity
investment from the Compaq Computer Corporation, CSFB Private Equity, Microsoft
Corporation and Welsh, Carson, Anderson & Stowe, VIII, L.P., as well as a $200
million increase in Winstar's senior secured credit facility.
These transactions are part of a series of previously announced financing
transactions totaling $1.02 billion of new capital, which include several new
vendor financing agreements.
About Winstar
Winstar is a leading broadband services company. The company is rapidly building
one of the world's most widely available, end-to-end broadband networks. Winstar
makes this network important and useful to businesses by providing a
comprehensive set of high-quality, digital-age broadband services. These
services include high-speed Internet and data, Web hosting and design, phone
services, Web-based applications, e-commerce, professional services and
Office.com(R), A Service From Winstar, the top- ranked online business service
for small and medium-sized businesses.
For more information, visit www.winstar.com.
This release contains forward-looking information about management expectations,
strategic objectives, business prospects, anticipated financial or operational
performance, and other similar matters. These statements are based on current
expectations, forecasts and assumptions that involve important risks and
uncertainties. A variety of factors, many of which are beyond Winstar's control,
could cause actual results and experience to differ materially from the
expectations expressed in these statements. These factors include, but are not
limited to, volatility in the financial and capital markets, actions and
initiatives by current and potential competitors, events or circumstances
impacting major customers or suppliers, the effect of current and future
legislation or regulation, the ability of the company to design and construct
its broadband network and to sell and provision services, and additional factors
described in the reports filed by Winstar with the Securities and Exchange
Commission (SEC), including Winstar's Annual Report on Form 10-K for the year
ended December 31, 1999, which is available on the SEC's Web site, at
www.sec.gov. Winstar undertakes no responsibility to update or revise any
statements in this presentation, whether as a result of new information, future
events or otherwise.
Winstar and Office.com are registered trademarks of Winstar Communications, Inc.
CONTACT: Winstar Communications, Inc., New York
Financial Community:
Daniel Briggs, 212/792-9032
[email protected]
Press:
Kevin Cavanaugh, 212/792-9671
[email protected]
