Press Releases
SOURCE: DH Capital, LLC

DH CAPITAL ADVISES WAVE BROADBAND IN SECURING $70 MILLION IN FINANCING

NEW YORK, NY - March 21, 2003 - DH Capital, LLC, a New York City based investment bank, announced today that it served as exclusive financial advisor to Wave Broadband in securing over $70 million in total financing. An equity commitment of $32.8 million was raised, provided primarily by funds affiliated with Sandler Capital Management, and $37.5 million in senior debt commitments were provided by Wells Fargo Bank and US Bank of Washington.

"We are pleased to have assisted Wave Broadband in this transaction. It was very satisfying to work alongside a proven cable operator like Steve Weed and an experienced cable investor like Sandler Capital. While the overall capital markets have been challenging, this transaction illustrates our belief that small to mid-size cable television assets remain a highly attractive investment opportunity," stated Joe Duggan, Founder and Principal of DH Capital.

Wave Broadband, founded by cable pioneer Steven Weed, is a newly formed broadband cable and data system operator based in Kirkland, Washington. The funds were used for the purchase of cable television systems from Northland Cable Properties Seven, L.P., Northland Cable Properties Eight, L.P., Northland Cable Television, Inc. and Cedar Communications. In total, Wave Broadband completed acquisitions that pass approximately 37,000 homes and serve approximately 22,000 cable subscribers in the greater Seattle area.

"DH Capital was invaluable in finding key financial partners," said Steve Weed, who will manage Wave Broadband's acquired systems. "I am thrilled about re-entering the cable business at such an exciting time and at the potential of serving these communities with new products like high-speed data and expanded digital programming."

"We are very excited about the investment in Wave Broadband and partnering with a highly-skilled operator such as Steve Weed," said Mike Marocco, Managing Partner of Sandler Capital. "We are very appreciative to DH Capital for introducing us to Steve and assisting Wave Broadband in raising bank financing in this challenging lending environment."

About DH Capital, LLC
DH Capital is a private investment banking partnership serving the media, Internet and telecommunications industries. The firm capitalizes on more than seventy years of combined experience in financing, acquiring, selling and operating companies. DH Capital specializes in providing a full range of advisory services to companies and financial institutions including private placements, mergers & acquisitions, financial restructuring, and operational consulting. The principals of DH Capital have led hundreds of transactions including M&A totaling in excess of $10 billion, private equity placements totaling more than $700 million, and debt placements totaling in excess of $7 billion.

For additional information on DH Capital, please contact us at 212-698-7990.