Verizon Wireless has had $1.5 billion returned from the Federal Communications Commission (FCC). The money is part of the company’s deposit it paid in February 2001 for wireless licenses.
According to Verizon Communications, which holds a 55% stake in Verizon Wireless, the $1.5 billion will be used to reduce its commercial paper and overall debt totals.
Verizon Wireless acquired 67 licenses for $8.7 billion and paid the required $1.7 billion deposit to the US government. The licenses have not been delivered, following the ruling by a federal court that the licenses were the property of NextWave and therefore not the government’s to auction.