February 28, 2000 -- A team of lawyers from Friedman Kaplan led by partners Barry A. Adelman and Gregg S. Lerner represented VoiceStream Wireless Corporation (Nasdaq: VSTR) in its recently completed merger with Omnipoint Corporation, the completion of investments by Hutchison Telecommunications PCS and Sonera Corporation, and the closing of a $3.25 billion senior secured credit facility. In addition, VoiceStream entered into new joint ventures with Cook Inlet Region Inc. (CIRI) and Omnipoint closed on its acquisition of East-West immediately prior to the merger of VoiceStream and Omnipoint.

As a consequence of these transactions, VoiceStream has a total equity market capitalization of approximately $26 billion.

The closing of the merger of Omnipoint Corporation with VoiceStream Wireless involved the issuance of VoiceStream shares and cash to the Omnipoint shareholders totaling approximately $7.2 billion based on VoiceStream's February 25, 2000 closing price. Hutchison Telecommunications PCS (USA) Limited, a subsidiary of Hutchison Telecommunications Limited, invested $957 million and Sonera Corporation invested $500 million into VoiceStream.

In addition, VoiceStream Wireless closed a $3.25 billion senior secured credit facility in the form of a $1.35 billion revolver and $1.9 billion of term loans. The term loans have been drawn and used, along with a portion of the equity investments, to refinance portions of VoiceStream Wireless and Omnipoint debt previously outstanding. The revolver will be used to finance the continued growth of VoiceStream Wireless's wireless operations, acquisitions, and for other working capital purposes. This facility was arranged by Chase Securities Inc. and Banc of America Securities LLC, as lead arrangers, and TD Securities (USA) Inc., Goldman Sachs Credit Partners L.P., Barclays Capital, and SG Cowen, as arrangers.

In addition to Messrs. Adelman and Lerner, Friedman Kaplan partner D. Roger Glenn and associates Meryl S. Rosenblatt, Joshua M. Olshin, Jonathan M. Silver, Sophia S. Hartch, David I. Tanenbaum, and Babette E.L. Boliek worked on the VoiceStream transactions.

Based in Bellevue, Washington, VoiceStream Wireless is a leading provider of wireless communications services in the United States. VoiceStream Wireless, with CIRI, has licenses to provide service to over 175 million people with operating systems from New York to Hawaii. With licenses in 17 of the top 25 markets, VoiceStream is one of the major providers of telecommunications services in the country. VoiceStream is the largest provider of personal communications service using the globally dominant GSM (Global System for Mobile Communications) technology in the United States. VoiceStream is a member of the North American GSM Alliance LLC, a group of U.S. and Canadian digital wireless PCS carriers. The GSM Alliance helps provide GSM wireless communications for their customers in more than 4,000 U.S. and Canadian cities and towns as well as international service.

Hutchison Whampoa Limited, a conglomerate headquartered in Hong Kong, owns telecom businesses in the United Kingdom, France, Germany, Switzerland, Austria, and Belgium. Hutchison also operates telecom businesses in Hong Kong, Australia, Israel, India, Singapore, Thailand, Malaysia, Indonesia, Sri Lanka, and Ghana. Sonera Corporation, the leading mobile communications provider in Finland, is a pioneer in the rapidly growing mobile, data, and media communications sectors. Sonera has interests in service providers in 14 other countries. CIRI, based in Anchorage, Alaska, is an Alaska Native regional corporation with investments in nationwide communications, tourism, real estate, and construction and equipment services. CIRI is owned by 7,000 Alaska Native shareholders of Eskimo, Indian, and Aleut descent.