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WFI to Net $19.6M From Sale

WFI, the company formerly known as Wireless Facilities, announced July 5 that it sold a $21.6 million note receivable that it got as payment for its recent divestiture of its U.S.-based wireless engineering business.

The note, originally received from LCC International, was purchased by a fund affiliated with Silver Point Capital LP, and after transaction expenses and a discount from par value, WFI will receive $19.6 million in net cash proceeds.

Including the sale of this note, WFI , a local wireless communications infrastructure company , will have received $38 million from the sale of its wireless engineering business.

The proceeds from the sale will be used to reduce the company’s debt.

WFI is traded on the Nasdaq as WFII and closed July 3 at $1.73, down 2 cents from the previous day’s close.

, Andy Killion

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