Paul, Weiss client Grain Spectrum Funding, LLC (the "Issuer"), a
special purpose entity affiliated with Grain Capital, LLC, in a
novel transaction, issued $330.05 million of securitized notes
backed by payments due from AT&T and Verizon Wireless pursuant
to two leases of wireless spectrum. The proceeds of the issuance
were used by a subsidiary of the Issuer to purchase three wireless
spectrum licenses from Verizon, which were then leased to AT&T
and by a separate subsidiary of the Issuer to purchase one wireless
spectrum license from AT&T, which was then leased to Verizon.
The wireless spectrum leases will enable the carriers to offer
enhanced wireless services in Dallas-Fort Worth, TX and Charlotte,
Greensboro, Winston-Salem and Raleigh-Durham, NC.