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File No. 333-57262
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 20, 2001
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Amendment No. 1
to
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
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VOICESTREAM WIRELESS CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
12920 SE 38th STREET
BELLEVUE, WASHINGTON 98006
(425) 378-4000
(ADDRESS, INCLUDING ZIP CODE AND TELEPHONE NUMBER, INCLUDING AREA CODE,
OF REGISTRANT'S OF PRINCIPAL EXECUTIVE OFFICES)
DELAWARE 91-1983600
(STATE OF OTHER JURISDICTION (IRS EMPLOYER IDENTIFICATION
OF INCORPORATION OR NUMBER)
ORGANIZATION)
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ALAN R. BENDER, ESQ.
12920 SE 38th STREET
BELLEVUE, WASHINGTON 98006
(425) 378-4000
(NAME, ADDRESS, INCLUDING ZIP CODE AND TELEPHONE NUMBER,
INCLUDING AREA CODE OF AGENT FOR SERVICE
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COPIES OF ALL COMMUNICATIONS TO:
D. ROGER GLENN
FRIEDMAN KAPLAN SEILER & ADELMAN LLP
875 THIRD AVENUE
NEW YORK, NEW YORK 10022
(212) 833-1109
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Approximate date of commencement of proposed sale to the public: At such
time or times after the effective date of this Registration Statement as the
Selling Shareholders shall determine.
If the only securities being registered on this form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box: [ ]
If any of the securities being registered on this Form are to be offered
on a delayed or continuous basis pursuant to Rule 415 under the Securities Act
of 1933, other than securities offered only in connection with dividend or
interest reinvestment plans, please check the following box: [X]
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [ ]
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]
If delivery of the prospectus is expected to be made pursuant to Rule
434, please check the following box. [ ]
THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL
FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION
STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF
THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a),
MAY DETERMINE.
The Index to Exhibits is Located at Page II-7.
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PROSPECTUS
VOICESTREAM WIRELESS CORPORATION
8,681,856 Shares of Common Stock
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This prospectus is part of a registration statement that covers the
issuance of 8,681,856 shares of our common stock upon conversion of the 7%
Cumulative Convertible Preferred Stock of Omnipoint Corporation by the holders
thereof. We own all the outstanding common stock of Omnipoint Corporation.
The common stock is traded on the Nasdaq Stock Market under the symbol
VSTR. The last sale price of the common stock as reported on the Nasdaq Stock
Market on March 21, 2001 was $88.25 per share.
Investing in our common stock involves risk. Please see "Risk Factors"
beginning on page 4 of this Prospectus.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES, OR DETERMINED IF THIS
PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE
VoiceStream's principal executive offices are located at 12920 SE 38th
Street, Bellevue, Washington 98006, its telephone number is (425) 378-4000, and
it maintains a website on the Internet at www.voicestream.com. The contents of
the website are not a part of this prospectus.
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The date of this prospectus is March 23, 2001.
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TABLE OF CONTENTS
THE COMPANY..............................................................3
RISK FACTORS.............................................................4
FORWARD-LOOKING STATEMENTS..............................................11
USE OF PROCEEDS.........................................................13
PLAN OF DISTRIBUTION....................................................13
LEGAL MATTERS...........................................................14
EXPERTS.................................................................14
WHERE YOU CAN FIND MORE INFORMATION.....................................15
YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED OR INCORPORATED BY
REFERENCE IN THIS PROSPECTUS AND IN ANY ACCOMPANYING PROSPECTUS SUPPLEMENT. NO
ONE HAS BEEN AUTHORIZED TO PROVIDE YOU WITH DIFFERENT INFORMATION.
THE SHARES OF COMMON STOCK ARE NOT BEING OFFERED IN ANY JURISDICTION
WHERE THE OFFER IS NOT PERMITTED.
YOU SHOULD NOT ASSUME THAT THE INFORMATION IN THIS PROSPECTUS OR ANY
PROSPECTUS SUPPLEMENT IS ACCURATE AS OF ANY DATE OTHER THAN THE DATE ON THE
FRONT OF THIS PROSPECTUS.
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THE COMPANY
We are a national provider of personal communications service in the
United States using GSM wireless technology. We own 330 licenses covering over
235 million people. If the Powertel, Inc. merger described below and other
pending transactions are completed, we together with joint venture entities in
which we have interests will own 430 licenses covering 272 million people.
We were incorporated in June 1999 as a Delaware corporation to act as
the parent company for business combinations involving our predecessor, now
named "VS Washington Corporation." Prior to May 3, 1999, VS Washington was an
80.1%-owned subsidiary of Western Wireless Corporation. The remaining 19.9% was
owned by Hutchison Telecommunications PCS (USA) Limited, a subsidiary of
Hutchison Whampoa Limited, a Hong Kong company. On May 3, 1999, VS Washington
was formally separated in a spin-off transaction from Western Wireless's other
operations. In the first half of 2000, we acquired Omnipoint Corporation and
Aerial Communications, Inc., substantially increasing our geographic coverage.
On July 23, 2000, we announced that we had entered into a definitive
merger agreement with Deutsche Telekom AG. If the merger is completed, we will
become a wholly-owned subsidiary of Deutsche Telekom, and holders of our common
stock will become entitled to receive a combination of $30 in cash and 3.2
Deutsche Telekom shares for each of their shares of our common stock, subject to
certain adjustments. In lieu of that combination, our stockholders may elect to
receive either 3.7647 Deutsche Telekom shares or $200 in cash for each of their
shares of our common stock; however, both of those elections will be subject to
proration and adjustment.
The completion of the Deutsche Telekom/VoiceStream merger is subject to
regulatory approvals and other customary conditions. Our stockholders have
approved the merger.
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On August 26, 2000, we entered into a definitive merger agreement with
Powertel, Inc. If the VoiceStream/Powertel merger is completed, Powertel will
become our wholly-owned subsidiary, and each share of Powertel common stock will
be converted into the right to receive a number of shares of our common stock
determined as follows: (i) 0.75 of a share of our common stock if the average
closing price of our common stock prior to the closing date of the
VoiceStream/Powertel merger is $113.33 or below; (ii) 0.65 of a share of our
common stock if the average closing price of our common stock is $130.77 or
above; and (iii) if the average closing price of our common stock is greater
than $113.33 and less than $130.77, the quotient determined by dividing $85.00
by the average closing price of our common stock. Each share of Powertel
preferred stock will be converted into the right to receive a number of shares
of our common stock determined as if the Powertel preferred stock were converted
into Powertel common stock plus, with respect to Powertel's Series E preferred
stock and Series F preferred stock, the number of shares of Powertel common
stock that represent accrued or declared but unpaid dividends on that preferred
stock.
The completion of the VoiceStream/Powertel merger is subject to
regulatory approvals and other customary conditions. Our stockholders and
Powertel's shareholders have approved the merger.
At the same time as it entered into the VoiceStream/Powertel merger
agreement, Powertel also entered into a merger agreement with Deutsche Telekom,
which, if consummated, will result in Powertel becoming a wholly-owned
subsidiary of Deutsche Telekom. If our merger with Deutsche Telekom is
consummated, the VoiceStream/Powertel merger agreement will terminate
automatically. If the Deutsche Telekom/VoiceStream merger agreement is
terminated, the Deutsche Telekom/Powertel merger agreement will terminate
automatically and we would expect to complete the VoiceStream/Powertel merger.
Our principal executive offices are located at 12920 SE 38th Street,
Bellevue, Washington 98006, our telephone number is (425) 378-4000, and we
maintain a website on the Internet at www.voicestream.com. Information on our
website is not a part of this prospectus.
RISK FACTORS
The risks of an investment in our common stock will be influenced by
which, if any, of the transactions described above is finalized. The risk
factors that follow are grouped according to the three possible scenarios:
- the general risks that apply to an investment in our shares
regardless of whether the transactions with Deutsche Telekom
and/or Powertel are completed;
- risk factors relating to the Deutsche Telekom/VoiceStream merger
(which also include the Deutsche Telekom/Powertel merger); and
- risk factors relating to the VoiceStream/Powertel merger (assuming
the Deutsche Telekom/VoiceStream merger is not completed).
RISKS AFFECTING VOICESTREAM GENERALLY
You should consider the following factors before deciding to purchase
our common stock. These risks apply to an investment in our common stock whether
or not any of the transactions with Deutsche Telekom and/or Powertel occurs.
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WE ARE HIGHLY LEVERAGED, WHICH MAY LIMIT OUR ABILITY TO BORROW ADDITIONAL FUNDS
TO MEET OUR CAPITAL REQUIREMENTS FOR THE BUILD-OUT AND DEVELOPMENT OF OUR
SYSTEMS AND FOR OUR PARTICIPATION IN ANY UPCOMING FCC LICENSE AUCTIONS
Our level of debt could affect our ability to build out our systems and
develop new systems. We may have to incur further debt if the $265 million
credit facility between Powertel and certain of its lenders becomes due and
payable before its stated maturity. Without sufficient funds, we may have to
delay or abandon some or all of our plans to participate in any upcoming Federal
Communications Commission, which we refer to in this document as the FCC,
license auctions and/or our planned build-out, which could materially limit our
ability to compete in the wireless telecommunications industry. Our level of
debt and the incurrence of additional debt could have other consequences, such
as requiring us to dedicate a greater portion of our cash flow from operations
to paying principal and interest and limiting our flexibility to react
competitively to changes in the wireless telecommunications industry.
WE FACE INTENSE COMPETITION FROM OTHER WIRELESS SERVICE PROVIDERS WHO MAY HAVE
GREATER FINANCIAL RESOURCES AND WHO MAY BE TARGETING MANY OF THE SAME CUSTOMERS
THAT WE TARGET. THIS COMPETITION COULD ADVERSELY AFFECT OUR ABILITY TO GROW OUR
SUBSCRIBER BASE AND REVENUES
We and Powertel compete with providers of PCS, cellular, and other
wireless telecommunications services. Under the current rules of the FCC,
six or more PCS licensees and two cellular licensees, as well as digital
specialized mobile radio licensees, may operate in each geographic area.
Proposed or future rules may increase the number of licenses available. We and
Powertel compete against AT&T Wireless Services, Inc., Verizon Wireless Inc.,
Nextel Communications, Inc., Cingular Wireless LLC which is the joint venture
between SBC Communications and BellSouth, Sprint Corporation (PCS Group) and
Qwest Wireless LLC, among others. Many of these competitors have substantially
greater financial resources than us or Powertel, and several operate in multiple
segments of the industry. AT&T Wireless, Nextel and Sprint PCS operate
substantially nationwide networks and Verizon and Cingular, among others,
through joint ventures and affiliation arrangements, operate or plan to operate
substantially nationwide wireless systems throughout the continental United
States. With so many companies targeting many of the same customers, we and
Powertel might not be able to successfully attract and retain customers and grow
our subscriber base and revenues.
WE HAVE SUBSTANTIAL OPERATING LOSSES AND NEGATIVE CASH FLOW AND MAY NOT BECOME
PROFITABLE
We sustained operating losses of approximately $1,453.5 million in
fiscal 2000, $322.8 million in fiscal 1999 and $204.6 million in fiscal 1998. At
December 31, 2000, we had an accumulated deficit of $3.1 billion and equity, net
of accumulated deficit, of $8.4 billion. We expect to incur significant
operating losses and to generate negative cash flow from operating activities
during the next several years while we continue to develop and construct our
systems and grow our subscriber base. We might not be able to achieve or sustain
profitability or positive cash flow from operating activities in the future or
that we will generate sufficient cash flow to service current or future debt
requirements.
OUR ABILITY TO EXPAND AND PROVIDE SERVICE IS LIMITED BY OUR ABILITY TO OBTAIN
FCC LICENSES, WHICH ARE LIMITED IN NUMBER
Even together, we and Powertel do not have licenses covering the entire
United States. Our ability to expand is limited to those markets where we have
obtained or can obtain licenses with sufficient spectrum to provide PCS service,
or where we economically can become resellers of service. Because there are a
limited number of licenses available, and because resale agreements require
mutual consent of the incumbent PCS license holders, there is a risk that we may
not be able to obtain the licenses we need for expansion.
WE ARE AT RISK OF LOSING COVERAGE IN CERTAIN MARKETS BECAUSE WE HAVE ENTERED
INTO JOINT VENTURES THAT WE DO NOT CONTROL IN AN ATTEMPT TO EXPAND INTO THOSE
MARKETS
C Block and F Block licenses are two sets of licenses issued by the FCC
that enable their holders to provide wireless communications services in the
portion of the radio spectrum that is commonly referred to as "PCS". When
implementing the PCS licensing scheme in the United States, the FCC adopted
rules that granted a narrow category of entities, referred to as designated
entities, the right to bid for and own C and F Block licenses. Although, more
recently, the FCC has "opened" some of the C and F block spectrum to
non-designated entities, much of this spectrum remains "closed," or set aside,
for designated entities only. In order to continue expansion of service to our
customers, we
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obtained 49.9% minority interests in two joint ventures controlled by Cook Inlet
Region, Inc., each of which is qualified through its subsidiaries to obtain C
and F Block licenses that we cannot directly obtain. Subsidiaries of one of the
joint ventures have acquired, or entered into agreements to acquire, C and F
Block licenses, and a subsidiary of the other joint venture was the highest
bidder in 22 markets covering approximately 21 million persons. Through reseller
and other contractual arrangements between us and the two joint ventures, our
customers will be able to obtain service in the joint ventures' territories. In
all markets where the joint ventures operate, we will be at risk because Cook
Inlet will be in control and can choose to operate independently of us. If these
joint venture entities determine to operate independently, our ability to
compete on a national scale may be adversely affected.
WE OR JOINT VENTURES IN WHICH WE HOLD AN INTEREST COULD LOSE LICENSES AS A
RESULT OF COURT PROCEEDINGS, WHICH COULD ADVERSELY AFFECT OUR ABILITY TO PROVIDE
NATIONAL COVERAGE
FCC Auction No. 35, in which we and a joint venture in which we
hold an interest participated, includes many licenses that are the subject of
pending litigation by the original licensee, NextWave Communications, Inc.
NextWave appealed to the U.S. Court of Appeals for the D.C. Circuit the FCC's
action canceling NextWave's licenses and reclaiming the spectrum and continues
to pursue its administrative remedies. There is no assurance that NextWave will
not prevail in its lawsuit, and that the FCC will not be obligated to return the
licenses to NextWave, even if we or the joint venture in which we hold an
interest is awarded any of the licenses for which it was the highest bidder at
auction.
Loss of any of our licenses will reduce or eliminate our ability to own
interests in markets where the licenses are lost, thereby reducing our ability
to compete with other national competitors.
CONCERNS OVER MEDIA REPORTS REGARDING THE EFFECT OF RADIO FREQUENCY EMISSIONS
ON MEDICAL DEVICES AND OTHER POTENTIAL NEGATIVE HEALTH EFFECTS RELATED TO THE
USE OF WIRELESS HANDSETS MAY DISCOURAGE USE OF WIRELESS SERVICES AND ADVERSELY
AFFECT OUR BUSINESS
Media reports have suggested that some radio frequency emissions from
wireless handsets may raise various health concerns, including cancer, and may
interfere with various electronic medical devices, including hearing aids and
pacemakers, and at least one class action lawsuit has been filed in the U.S.
against wireless service providers and handset manufacturers relating to these
issues. Concerns over radio frequency emissions may discourage the use of
wireless handsets, which would adversely affect our business. Some governments
may propose legislation mandating health warnings pending the outcome of
research concerning the health and safety risks of wireless handsets.
Negative findings of studies concerning health and safety risks of
wireless handsets could have an adverse effect on the wireless industry, our
business, or the use of GSM wireless technology and could lead to governmental
regulations that may have an adverse effect on our business. In addition,
several states in the U.S. have proposed or enacted legislation that would limit
or prohibit the use and/or possession of a mobile telephone while driving an
automobile. If such legislation is adopted and strictly enforced, it may have an
adverse effect on our business.
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OUR STOCK PRICE MAY FLUCTUATE SIGNIFICANTLY
The market price of our common stock could fluctuate significantly in
response to various factors and events, including:
- the perceived prospects of the company;
- changes in our operating results;
- changes in, or our failure to meet, financial estimates by
securities analysts; and
- developments in the wireless communications industry.
In addition, the stock market in general and wireless industry stocks in
particular have experienced extreme volatility that often has been unrelated to
the operating performance of particular companies. These broad market and
industry fluctuations may adversely affect the trading price of our common
stock, regardless of our actual operating performance.
RISK FACTORS RELATING TO THE DEUTSCHE TELEKOM/VOICESTREAM MERGER AND THE
DEUTSCHE TELEKOM/POWERTEL MERGER
THE VALUE OF DEUTSCHE TELEKOM ADSs AND DEUTSCHE TELEKOM ORDINARY SHARES OUR
STOCKHOLDERS RECEIVE IN THE DEUTSCHE TELEKOM/VOICESTREAM MERGER MAY DECREASE
SIGNIFICANTLY. AS A RESULT, OUR STOCKHOLDERS DO NOT PRESENTLY KNOW THE VALUE
THEY WILL RECEIVE FOR THEIR VOICESTREAM SHARES OR WHETHER THE VALUE THEY WILL
RECEIVE WILL BE LESS THAN THEY PAID FOR THEIR VOICESTREAM SHARES
The exchange ratio for the portion of the merger consideration to be paid
in Deutsche Telekom shares is fixed, and the Deutsche Telekom/VoiceStream merger
agreement does not contain a mechanism to adjust the exchange ratio in the event
that the market price of the Deutsche Telekom ADSs or Deutsche Telekom ordinary
shares declines. As a result, if the market prices of Deutsche Telekom ADSs and
Deutsche Telekom ordinary shares at the completion of the Deutsche
Telekom/VoiceStream merger are lower than their current market prices, the value
of Deutsche Telekom ADSs and Deutsche Telekom ordinary shares representing the
portion of the merger consideration to be paid in Deutsche Telekom shares will
be less than their current value and may be less than our stockholders paid for
their shares of our common stock.
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BECAUSE OF PRORATION OR THE TAX-RELATED ADJUSTMENT, OUR STOCKHOLDERS MAY
RECEIVE MORE STOCK AND LESS CASH, OR MORE CASH AND LESS STOCK THAN THEY ELECT TO
RECEIVE, OR ARE DEEMED TO HAVE ELECTED TO RECEIVE, AND MIGHT NOT BE ABLE TO
EXCHANGE THEIR VOICESTREAM COMMON STOCK IN AN ENTIRELY TAX-FREE TRANSACTION
The consideration to be received by our stockholders in the Deutsche
Telekom/VoiceStream merger is subject to proration to preserve the limitations
on the maximum amount of cash and Deutsche Telekom shares to be issued in the
Deutsche Telekom/VoiceStream merger for outstanding VoiceStream common shares.
In addition, all three types of elections are subject to a tax-related
adjustment that would reduce the total amount of cash to be received in the
Deutsche Telekom/VoiceStream merger to the extent necessary to preserve tax-free
treatment of the receipt of Deutsche Telekom shares by our stockholders for U.S.
federal income tax purposes. Based on a number of factors, the tax-related
adjustment generally would be triggered if the trading price of Deutsche Telekom
shares immediately prior to the completion of the merger is less than
approximately $47.10, but could also be triggered at a higher trading price. On
the date hereof, the trading price of Deutsche Telekom shares was considerably
below $47.10. We strongly encourage you to be aware of the then-current trading
price of Deutsche Telekom shares, and the ramifications of that price in light
of this risk factor, when considering an investment in our shares.
Accordingly, holders of our common stock may not receive the type of
consideration they elect to receive in the Deutsche Telekom/VoiceStream merger.
If a holder of our common stock elects to receive all of the merger
consideration in cash and the cash portion is oversubscribed, then the holder
will receive a portion of the Deutsche Telekom/VoiceStream merger consideration
in Deutsche Telekom shares. Similarly, if a holder elects to receive all of the
merger consideration in Deutsche Telekom shares and the Deutsche Telekom share
portion is oversubscribed, then the holder will receive a portion of the
Deutsche Telekom/VoiceStream merger consideration in cash. As of the date of
this document, the non-prorated $200 value of the cash election is substantially
greater than the current value of the stock and mixed elections. If this remains
true at the election deadline, it is expected that all or nearly all of our
stockholders will make the cash election. If this occurs, our stockholders
making the cash election will receive a mix of cash and Deutsche Telekom shares,
in a proportion very close to or equal to the mixed election. Further, in all
cases, if it is necessary to reduce the amount of cash to be paid in order to
preserve beneficial U.S. tax treatment, holders, including those holders making
a mixed election, may receive more Deutsche Telekom shares than they elected
even after accounting for proration and such additional Deutsche Telekom shares
may have a value that is less than the amount of the cash that those shares
replace. In addition, because the receipt of cash in the Deutsche
Telekom/VoiceStream merger may be taxable to our stockholders, our stockholders
might not be able to exchange our common stock in an entirely tax-free
transaction.
OUR BOARD HAS THE RIGHT TO TERMINATE THE DEUTSCHE TELEKOM/VOICESTREAM
MERGER AGREEMENT IF THE PRICE OF DEUTSCHE TELEKOM SHARES CLOSE TO THE TIME THE
DEUTSCHE TELEKOM/VOICESTREAM MERGER IS BELOW 33 EUROS, BUT IF OUR BOARD DOES
NOT EXERCISE THIS RIGHT, THEN THE MARKET VALUE OF ANY ADDITIONAL DEUTSCHE
TELEKOM SHARES ISSUED IN THE TAX-RELATED ADJUSTMENT WILL LIKELY BE LESS THAN
THE VALUE OF THE CASH THAT THOSE SHARES REPLACE.
We have the right to terminate the Deutsche Telekom/VoiceStream merger
agreement if the average price of Deutsche Telekom ordinary shares to be used in
any tax-related adjustment to the cash amount of the merger consideration in the
Deutsche Telekom/VoiceStream merger, as calculated close to the time that the
Deutsche Telekom/VoiceStream merger is completed, is less than 33 euros. The
average price of Deutsche Telekom ordinary shares to be used in any tax-related
adjustment, if necessary, will be calculated by taking the average trading price
of those shares on the Frankfurt Stock Exchange on seven trading days randomly
selected from the 15 trading days immediately preceding the date on which any
tax-related adjustment determination is to be made, which will be very close to
the time the Deutsche Telekom/VoiceStream merger is completed. However, even if
the Deutsche Telekom ordinary share price reaches this level, our board of
directors may or may not exercise its right to terminate the Deutsche
Telekom/VoiceStream merger agreement. In this circumstance, in the event a
portion of the cash consideration is replaced with Deutsche Telekom shares to
preserve the beneficial tax treatment, it is likely that the market value of the
additional Deutsche Telekom shares that our stockholders will receive in
substitution for the reduced cash amount will be less than the value of the cash
amount that those shares replace.
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REGULATORS MAY IMPOSE CONDITIONS THAT REDUCE THE ANTICIPATED BENEFITS FROM THE
MERGERS. AS A RESULT, THE PRICE OF THE DEUTSCHE TELEKOM ADSs AND DEUTSCHE
TELEKOM ORDINARY SHARES MAY BE ADVERSELY AFFECTED
As a condition to completing the Deutsche Telekom/VoiceStream merger, we
must obtain the approval of various regulatory authorities, including the FCC
and the Committee on Foreign Investment in the United States. Any of these
entities could impose conditions or restrictions on their approvals and we might
not be able to obtain these approvals without conditions or restrictions that
are materially adverse to us. Depending on their nature and extent, any
conditions, restrictions or waivers may jeopardize or delay completion of the
Deutsche Telekom/VoiceStream merger or may lessen the anticipated potential
benefits of the merger. In addition, regulatory authorities could impose
conditions or restrictions on their approvals of the Deutsche Telekom/Powertel
merger, which may jeopardize or delay completion of or lessen the anticipated
potential benefits of the Deutsche Telekom/Powertel merger.
The Deutsche Telekom/VoiceStream merger and the Deutsche
Telekom/Powertel merger may be terminated in the event that the conditions or
restrictions imposed by the regulatory authorities are materially adverse to
Deutsche Telekom.
However, even if these conditions or restrictions are imposed, the
Deutsche Telekom management board or our board may or may not exercise its right
to terminate the Deutsche Telekom/VoiceStream merger agreement, and the Deutsche
Telekom management board might not exercise its right to terminate the Deutsche
Telekom/Powertel merger agreement, or might waive conditions to the completion
of the mergers or the Deutsche Telekom management board might take actions that
it is not required to take in connection with receipt of the necessary
regulatory approvals under the Deutsche Telekom/Powertel merger agreement. If we
were to proceed with the Deutsche Telekom/VoiceStream merger or the Deutsche
Telekom/Powertel merger despite the imposition of these conditions or
restrictions, or should we take such actions, they might result in a material
adverse effect on Deutsche Telekom and the price of the Deutsche Telekom ADSs
and Deutsche Telekom ordinary shares.
SALES VOLUME OF OUR COMMON STOCK BEFORE THE DEUTSCHE TELEKOM/VOICESTREAM MERGER
IS COMPLETED, AND OF DEUTSCHE TELEKOM ADSs AND DEUTSCHE TELEKOM ORDINARY SHARES
BEFORE AND AFTER THE DEUTSCHE TELEKOM/VOICESTREAM AND DEUTSCHE TELEKOM/POWERTEL
MERGERS ARE COMPLETED, MAY INCREASE SIGNIFICANTLY. AS A RESULT, THE MARKET PRICE
FOR AND THE ABILITY TO SELL IN THE MARKET OUR COMMON STOCK BEFORE THE DEUTSCHE
TELEKOM/VOICESTREAM MERGER IS COMPLETED AND THE DEUTSCHE TELEKOM ADSs AND
DEUTSCHE TELEKOM ORDINARY SHARES BEFORE AND AFTER THE DEUTSCHE
TELEKOM/VOICESTREAM AND DEUTSCHE TELEKOM/POWERTEL MERGERS ARE COMPLETED, MAY BE
ADVERSELY AFFECTED.
For a number of reasons, a substantial number of our stockholders,
including our principal stockholders, may wish to sell their shares of our
common stock prior to completion of the Deutsche Telekom/VoiceStream merger, or
Deutsche Telekom ADSs, or Deutsche Telekom
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ordinary shares that they will receive in the Deutsche Telekom/VoiceStream
merger, and Deutsche Telekom's two largest shareholders may sell all or a
substantial amount of Deutsche Telekom ordinary shares that they currently hold.
In addition, the market price of the Deutsche Telekom ADSs and the Deutsche
Telekom ordinary shares may be adversely affected by arbitrage activities
occurring prior to the completion of the Deutsche Telekom/VoiceStream merger.
These sales or the prospects of future such sales could adversely affect the
market price for and the ability to sell in the market our common stock before
the Deutsche Telekom/VoiceStream merger is completed and the Deutsche Telekom
ADSs or Deutsche Telekom ordinary shares before and after the Deutsche
Telekom/VoiceStream merger is completed.
DEUTSCHE TELEKOM, VOICESTREAM AND POWERTEL MAY FAIL TO INTEGRATE THEIR
OPERATIONS SUCCESSFULLY. AS A RESULT, THE ANTICIPATED POTENTIAL BENEFITS OF THE
MERGERS MIGHT NOT BE ACHIEVED, AND THE PRICE OF THE DEUTSCHE TELEKOM ADSs AND
THE DEUTSCHE TELEKOM ORDINARY SHARES MIGHT BE ADVERSELY AFFECTED
The Deutsche Telekom/VoiceStream merger and the Deutsche
Telekom/Powertel merger will combine three companies that have previously
operated independently. The companies expect to face significant challenges in
consolidating operations, integrating the organizations and services in a timely
and efficient manner, refinancing or consolidating indebtedness and retaining
key VoiceStream and Powertel executives and other personnel. The integration of
Deutsche Telekom, VoiceStream and Powertel also will require substantial
attention from management, particularly in light of the geographically dispersed
operations and different business cultures and compensation structures at the
three companies. In addition, after the completion of the mergers, Deutsche
Telekom may elect, or be required, to refinance or renegotiate all or a portion
of the VoiceStream and Powertel long-term debt and in doing so, Deutsche Telekom
may incur additional costs. The diversion of management attention and any
difficulties associated with integrating the three companies could have a
material adverse effect on the revenues, the level of expenses and the operating
and financial results of Deutsche Telekom and the value of the Deutsche Telekom
ADSs and the Deutsche Telekom ordinary shares.
THE INCREASED DEPRECIATION AND AMORTIZATION EXPENSE ASSOCIATED WITH THE DEUTSCHE
TELEKOM/VOICESTREAM AND DEUTSCHE TELEKOM/POWERTEL MERGERS AND THE INCREASED
CAPITAL EXPENDITURES TO BE INCURRED TO CONTINUE BUILDING OUT THE VOICESTREAM AND
POWERTEL MOBILE NETWORKS IN THE UNITED STATES MAY HAVE A SIGNIFICANT ADVERSE
EFFECT ON DEUTSCHE TELEKOM'S FINANCIAL RESULTS
Deutsche Telekom expects to recognize substantial additional
depreciation and amortization expense as a result of the allocation of the
purchase price of the mergers to tangible and intangible assets. Goodwill
resulting from the mergers is expected to be amortized over 20 years and certain
other tangible and intangible assets are expected to be amortized over useful
lives ranging from three to 20 years. In addition, VoiceStream and Powertel have
incurred substantial operating losses and generated negative cash flow from
operating activities and expect to incur significant operating losses and to
generate negative cash flow during the next several years while they continue to
develop and construct their systems and grow their subscriber base. On a pro
forma basis, the combined statement of operations for Deutsche Telekom,
VoiceStream and Powertel for the year ended December 31, 1999 and for the nine
months ended September 30, 2000 reflects a net loss of euro 3,109.3 million and
net income of euro 4,606.6 million, respectively, in accordance with German GAAP
and a net loss of euro 3,516.9 million and net income of euro 5,493.7 million,
respectively, in accordance with US GAAP, as compared to Deutsche Telekom's net
income for such periods of euro 1,253.0 million and euro 8,445.0 million,
respectively, in accordance with German GAAP and euro 1,513.0 million and euro
9,812.0 million, respectively, in accordance with US GAAP.
RISK FACTORS RELATING TO THE VOICESTREAM/POWERTEL MERGER
POWERTEL HAS SUBSTANTIAL OPERATING LOSSES AND NEGATIVE CASH FLOW AND WE MAY NOT
BECOME PROFITABLE FOLLOWING THE VOICESTREAM/POWERTEL MERGER
Powertel sustained operating losses of approximately $96.2 million in
fiscal 2000, $145.9 million in fiscal 1999 and $172.2 million in fiscal 1998. At
December 31, 2000, Powertel had an accumulated deficit of approximately $785.2
million and negative equity, net of accumulated deficit, of $261.0 million.
After the VoiceStream/Powertel merger, we might not be able to achieve or
sustain profitability or positive cash flow from operating activities in the
future and we might not generate sufficient cash flow to service current or
future debt requirements.
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POWERTEL IS AT RISK OF LOSING COVERAGE IN CERTAIN MARKETS BECAUSE IT HAS ENTERED
INTO JOINT VENTURES THAT IT DOES NOT CONTROL IN AN ATTEMPT TO EXPAND INTO THOSE
MARKETS
Like us, Powertel did not qualify to obtain "closed" C and F Block
licenses. In order to continue expansion of service to Powertel customers,
Powertel has obtained a 49.9% minority interest in an affiliate of Eliska
Wireless Ventures I, Inc., an entity that is qualified to hold licenses that
Powertel could not directly obtain. Eliska Wireless holds C and F Block licenses
that it purchased from DiGiPH PCS, Inc. Powertel also has a creditor
relationship with another Eliska Wireless entity, which holds two designated
entity licenses. It is anticipated that Powertel customers, through reseller,
roaming or other contractual arrangements between Powertel and the Eliska
Wireless entities, will be able to obtain service in these markets. In all
markets where these entities operate Powertel is at risk because these entities
are in control and can choose to operate, independently of Powertel. If these
entities choose to operate independently, Powertel's ability to compete on a
regional scale and our ability, following completion of the merger with
Powertel, to compete on a national scale may be adversely affected.
THE FCC AND OTHER REGULATORY AGENCIES MUST APPROVE THE VOICESTREAM/POWERTEL
MERGER AND COULD DELAY OR REFUSE TO APPROVE THE VOICESTREAM/POWERTEL MERGER OR
IMPOSE CONDITIONS THAT COULD ADVERSELY AFFECT OUR BUSINESS OR FINANCIAL
CONDITION
The Communications Act and FCC rules require the FCC's prior approval of
the transfer of control of Powertel's PCS licenses to us. Completion of the
VoiceStream/Powertel merger is conditioned, among other factors, upon grants of
the requisite FCC consents becoming final. A "final" FCC order is one that has
not been stayed and is no longer subject to review by the FCC or the courts
because the statutory period for seeking such review has expired without any
request for review or stay pending. Following the FCC's grant of consent to the
VoiceStream/Powertel merger, there might be actions by the FCC or the courts
that would delay or prevent finality. Any failure to complete the
VoiceStream/Powertel Merger could have an adverse effect on our ability to
develop a nationwide network.
The FCC might not grant the application for transfer of control or the
FCC might grant the application with conditions. In addition, there might be a
delay caused by the filing of a challenge to the transfer and assignment
application. Conditions imposed on any licenses granted or delays in granting of
the licenses could impair the value of the licenses and reduce the value of our
common stock, and could lead to our inability to obtain financing necessary for
our growth. If we are denied a license in a market we will not be able to
operate in that market unless we obtain rights to another, existing license from
its current owner or acquire through an FCC auction a new license for that
market.
WE MAY FAIL TO INTEGRATE SUCCESSFULLY OUR OPERATIONS WITH THOSE OF POWERTEL. AS
A RESULT, WE MAY NOT ACHIEVE THE ANTICIPATED POTENTIAL BENEFITS OF THE
VOICESTREAM/POWERTEL MERGER AND THE PRICE OF OUR COMMON STOCK MIGHT BE ADVERSELY
AFFECTED
We expect to face significant challenges in consolidating operations,
integrating our and Powertel's organizations and services in a timely and
efficient manner, refinancing or consolidating indebtedness and retaining key
Powertel executives and other personnel. The integration of VoiceStream and
Powertel also will require substantial attention from management. The diversion
of management attention, any requirement that we refinance Powertel debt and any
difficulties associated with integrating the companies could have a material
adverse effect on our revenues, the level of our expenses, our operating results
and the value of our common stock.
FORWARD-LOOKING STATEMENTS
This prospectus, and the documents we are incorporating by reference,
contain forward-looking statements that we intend to be covered by the safe
harbor for "forward-looking statements" provided by the Private Securities
Litigation Reform Act of 1995. Any document we filed or will file with the SEC
also may include forward-looking statements. We have made and may in the future
make other written or oral forward-looking statements. Forward-looking
statements are statements that are not historical facts, and include financial
projections and estimates and their underlying assumptions; statements regarding
plans, objectives and expectations with respect to future operations, products
and services; the impact of regulatory initiatives on our operations; our share
of new and existing markets; general industry and macroeconomic growth rates and
our performance relative to them and statements regarding future performance.
Forward-looking statements generally are identified by the words "expects,"
"anticipates," "believes," "intends," "estimates," and similar expressions.
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The forward-looking statements are subject to various risks and
uncertainties, most of which are difficult to predict and are generally beyond
our control. Our actual results, performances, or achievements could differ
significantly from those expressed in, or implied by, the forward-looking
statements made in or incorporated by reference into this document. Accordingly,
our actual results following the VoiceStream/Powertel merger or the actual
results of Deutsche Telekom following the Deutsche Telekom/VoiceStream and
Deutsche Telekom/Powertel mergers may differ materially from those expressed in,
or implied by, the forward-looking statements. The risks and uncertainties to
which forward-looking statements are subject include:
o those we discuss under "Risk Factors";
o those we discuss or identify in our public filings with the SEC;
o risks and uncertainties with respect to our expectations regarding the
benefits anticipated from the Deutsche Telekom/VoiceStream merger and the
VoiceStream/Powertel merger;
o for the Deutsche Telekom/VoiceStream merger, effects of foreign exchange
rate fluctuations;
o level of demand for telecommunications services, including with regard to
wireless telecommunications services, access lines, traffic and new higher
value products;
o competitive forces, including pricing pressures, technological
developments, alternative routing developments and our ability to gain
market share in new markets and our ability to retain market share in
existing markets in the face of competition from existing and new market
entrants;
o for the Deutsche Telekom/VoiceStream and Deutsche Telekom/Powertel mergers,
effects of Deutsche Telekom's tariff reduction initiatives, particularly in
Deutsche Telekom's core telephony business, but also with regard to many
other areas;
o regulatory developments and changes, including with respect to the levels
of tariffs, terms of interconnection, customer access and international
settlement arrangements;
o outcome of litigation in which we are involved;
o success of new business, operating and financial initiatives, many of which
involve start-up costs, and new systems and applications;
o our and Powertel's high level of debt, which may need to be refinanced;
o ability to attract and retain qualified personnel;
o product liability and other claims asserted against us;
o concerns over radio frequency emissions or other health and safety risks
related to the use of wireless handsets;
o progress of our joint ventures and alliances;
o impact of unusual items resulting from ongoing evaluations of our
strategies;
o availability, terms and deployment of capital, particularly in view of our
debt refinancing needs, including the possible refinancing of our and
Powertel's debt, and the impact of regulatory and competitive developments
on capital outlays;
o level of demand in the market for our shares, which can affect our
acquisition strategies;
o our ability to achieve cost savings and realize productivity improvements;
and
o general economic conditions, government and regulatory policies, new
legislation and business conditions in the markets we and our affiliates
serve.
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Our actual results, performance or achievement or the actual results,
performance or achievement of the combined companies following the Deutsche
Telekom/VoiceStream merger and the Deutsche Telekom/Powertel merger or following
the VoiceStream/Powertel merger could differ significantly from those expressed
in, or implied by, our forward-looking statements. In addition, any of the
events anticipated by our forward-looking statements might not occur, and if
they do, we cannot predict what impact they might have on our results of
operations and financial condition or the results of operations and financial
condition of the combined companies following the Deutsche Telekom/VoiceStream
merger and the Deutsche Telekom/Powertel merger or the VoiceStream/Powertel
merger.
USE OF PROCEEDS
We will receive no proceeds from the issuance of our common stock upon
conversion of Omnipoint Corporation's 7% Cumulative Convertible Preferred Stock.
PLAN OF DISTRIBUTION
All of the shares of common stock registered under this prospectus will be
issued to the holders of Omnipoint Corporation's 7% Cumulative Convertible
Preferred Stock upon conversion thereof in accordance with its terms.
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LEGAL MATTERS
For purposes of this offering, Friedman Kaplan Seiler & Adelman LLP, New
York, New York, is giving its opinion on the validity of the common stock. The
partners of Friedman Kaplan Seiler & Adelman, LLP own in the aggregate fewer
than 60,000 shares of VoiceStream common stock.
EXPERTS
The consolidated financial statements of VoiceStream and its subsidiaries
as of December 31, 2000 and 1999 and for each of the three years in the period
ended December 31, 2000, incorporated in this document by reference to
VoiceStream's Annual Report on Form 10-K for the year ended December 31, 2000,
have been audited by Arthur Andersen LLP, independent public accountants, as
indicated in their reports with respect thereto, and are included herein in
reliance upon their authority as experts in giving said reports.
The consolidated financial statements of Omnipoint Corporation and its
subsidiaries as of December 31, 1999 and 1998, and for each of the two years in
the period ended December 31 1999, incorporated in this document by reference to
VoiceStream's Current Report on Form 8-K dated September 29, 2000, have been so
incorporated in reliance on the report of PricewaterhouseCoopers LLP,
independent accountants, given on the authority of said firm as experts in
auditing and accounting.
The consolidated financial statements of Aerial Communications, Inc. and
its subsidiaries as of December 31, 1999 and 1998 and for each of the two years
in the period ended December 31, 1999, incorporated into this document by
reference to VoiceStream's Current Report on Form 8-K, dated March 23, 2000,
have been audited by Arthur Andersen LLP, independent public accountants, as
indicated in their reports with respect thereto, and are included herein in
reliance upon their authority as experts in giving said reports.
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The consolidated financial statements of Powertel and its subsidiaries
as of December 31, 2000 and 1999 and for each of the three years in the period
ended December 31 2000, incorporated by reference in VoiceStream's Current
Report on Form 8-K filed March 22, 2001, which is itself incorporated herein by
reference, have been audited by Arthur Andersen LLP, independent public
accountants, as indicated in their reports with respect hereto, and are included
herein in reliance upon their authority as experts in giving said reports.
WHERE YOU CAN FIND MORE INFORMATION
GOVERNMENT FILINGS. We file annual, quarterly and special reports and
other information with the Securities and Exchange Commission (the "SEC"). You
may read and copy any document that we file at the SEC's public reference rooms
in Washington, D.C. (located at 450 Fifth Street, N.W., Washington D.C. 20549),
New York, New York, and Chicago, Illinois. Please call the SEC at 1-800-SEC-0330
for further information on the public reference rooms. Our SEC filings are also
available to you free of charge at the SEC's web site at http://www.sec.gov.
STOCK MARKET. The common stock is traded as a "National Market Security"
on the Nasdaq National Market. Material filed by VoiceStream can be inspected at
the offices of the National Association of Securities Dealers, Inc., Reports
Section, 1735 K Street, N.W., Washington, D.C. 20006.
INFORMATION INCORPORATED BY REFERENCE. The SEC allows us to "incorporate
by reference" the information we file with them, which means that we can
disclose important information to you by referring you to those documents. The
information incorporated by reference is considered to be part of this
prospectus, and information that we file later with the SEC will automatically
update and supersede previously filed information, including information
contained in this document.
We incorporate by reference the documents listed below and any future
filings we will make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of
the Securities Exchange Act of 1934 until this offering has been completed:
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1. VoiceStream's Annual Report on Form 10-K for the year ended
December 31, 2000.
2. VoiceStream's Current Reports on Form 8-K filed March 23, 2000,
September 29, 2000 and March 22, 2001.
3. VoiceStream's Proxy Statement on Form 14A filed October 3, 2000.
4. VoiceStream's Proxy Statement/Prospectus on Form S-4 filed October
4, 2000, as amended (File Number 333-47306).
5. The description of the common stock of VoiceStream, which is
contained in VoiceStream's Proxy Statement/Prospectus on Form S-4
filed October 27, 1999, as amended (File Number 333-89735).
6. VoiceStream's Rule 425 filing on March 5, 2001.
You may request free copies of these filings by writing or telephoning us at the
following address:
VoiceStream Wireless Corporation
12920 SE 38th Street
Bellevue, Washington 98006
Attn: Investor Relations
(425) 378-4000
email: investor.relations@voicestream.com
DEUTSCHE TELEKOM/POWERTEL
Deutsche Telekom files annual and special reports and other information
publicly with the SEC, and Powertel files annual, quarterly and special
reports, proxy statements and other information publicly with the SEC. You may
read and copy and reports, statements or other information on file at the
SEC's public reference room located at the address listed above. Prior to your
converting any of the Omnipoint Corporation's 7% Cumulative Convertible
Preferred Stock, we suggest you read the public filings of Deutsche Telekom
listed below, the public filings of Powertel since February 9, 2001 and any
documents that deutsche Telekom or Powertel may file in the future with the SEC.
Deutsche Telekom SEC Filings (File No. 1-14540) Period of Filing Date
----------------------------------------------- ---------------------
Annual Report on Forms 20-F and 20-F/A Year ended December 31, 1999
Reports on Form 6-K Filed on June 13, 2000,
June 27, 2000, July 5, 2000,
July 19, 2000, September 29, 2000,
October 4, 2000, October 30, 2000,
November 9, 2000, December 5, 2000
January 23, 2001, February 28, 2001
and March 5, 2001.
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution
The expenses relating to the registration of Shares will be borne by the
registrant. Such expenses are estimated to be as follows:
Registration Fee --
Securities and Exchange Commission $195,082
Accountants' Fees $ 10,000
Legal Fees $ 30,000
Miscellaneous $ 4,918
--------
Total $240,000
========
Item 15. Indemnification of Directors and Officers
VoiceStream's certificate of incorporation provides that a director of
VoiceStream will not be personally liable to VoiceStream or its stockholders for
monetary damages for breach of fiduciary duty as a director, except to the
extent required by Delaware law.
Delaware law provides that a corporation may indemnify any officer or
director who is made a party to any third party suit or proceeding on account of
being a director, officer or employee of the corporation against expenses,
including attorneys' fees, judgments, fines and amounts paid in settlement
reasonably incurred by him in connection with the action, through, among other
things, a majority vote of a quorum consisting of directors who were not parties
to the suit or proceeding if the officer or director:
- acted in good faith and in a manner he reasonably believed to be
in the best interests of the corporation; and
- in a criminal proceeding, had no reasonable cause to believe his
conduct was unlawful.
VoiceStream's certificate of incorporation and bylaws provide that:
- VoiceStream will indemnify its current and former directors,
officers, employees and agents to the fullest extent permitted by
law;
- the indemnification will include the right to receive advance
payment of any expenses incurred in connection with any proceeding
in advance of final disposition of the proceeding; and
II-1
20
- advance payment of any expenses will be made only upon delivery to
VoiceStream of a written affirmation by the person seeking
indemnification of his or her good faith belief that he or she has
met the standard of conduct required to be eligible for
indemnification and an undertaking to repay all amounts advanced
if it is ultimately determined that he or she did not meet the
required standard of conduct.
VoiceStream is not liable to indemnify any person for amounts paid in
settlement of any proceeding if the settlement was made without the
VoiceStream's written consent.
VoiceStream's bylaws provide that VoiceStream must fully pay claims for
indemnification and advance payment of expenses within 60 days and 20 days,
respectively, of receiving a written request for payment. If VoiceStream has not
done so, the person seeking indemnification or advance payment of expenses may
bring suit against VoiceStream to recover the unpaid amounts of the claim. If
there is a judgment against VoiceStream in such a suit, the indemnitee is also
entitled to be paid his or her expenses of prosecuting that claim (to be
proportionately prorated if the indemnitee is only partially successful).
VoiceStream maintains directors' and officers' insurance.
Item 16. List of Exhibits
The Exhibits to this registration statement are listed in the Index to
Exhibits on page II-7.
Item 17. Undertakings
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of the
1933 Act;
(ii) To reflect in the prospectus any facts or events arising
after the effective date of this registration statement (or the most
recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in
this registration statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than a 20% change in the maximum
aggregate
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offering price set forth in the "Calculation of Registration Fee" table
in the effective registration statement;
(iii) To include any material information with respect to the plan
of distribution not previously disclosed in this registration statement
or any material change to such information in this registration
statement;
provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed or furnished to the Commission
by VoiceStream pursuant to Section 13 or Section 15(d) of the Exchange Act that
are incorporated by reference in this registration statement.
(2) That, for the purpose of determining any liability under the 1933
Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of
the offering.
(4) For purposes of determining any liability under the 1933 Act, each
filing of the registrant's annual report pursuant to Section 13(a) or Section
15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that
is incorporated by reference in the registration statement shall be deemed to be
a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(5) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the 1933 Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing this Registration Statement on Form S-3 and has
duly caused the same to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Bellevue, State of Washington on March 22, 2001.
VOICESTREAM WIRELESS CORPORATION
/s/ Alan R. Bender
--------------------------------------------------
Alan R. Bender
Executive Vice President
POWER OF ATTORNEY
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed on March 22, 2001 by the following
persons in the capacities and on the dates indicated.
/s/ John W. Stanton* Chairman of the Board, Chief
------------------------ Executive Officer, Director
John W. Stanton (Principal Executive Officer)
/s/ Donald Guthrie* Vice Chairman and Director
------------------------ (Principal Financial Officer)
Donald Guthrie
/s/ Allyn Hebner* Vice President and Controller
------------------------ (Principal Accounting Officer)
Allyn Hebner
/s/ Robert R. Stapleton* Director
------------------------
Robert R. Stapleton
II-4
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/s/ Douglas G. Smith* Director
------------------------
Douglas G. Smith
/s/ Susan M.F. Woo Chow* Director
------------------------
Susan M.F. Woo Chow
/s/ Mitchell R. Cohen* Director
------------------------
Mitchell R. Cohen
/s/ Daniel J. Evans* Director
------------------------
Daniel J. Evans
/s/ Richard L. Fields* Director
------------------------
Richard L. Fields
/s/ Canning K.N. Fok* Director
------------------------
Canning K.N. Fok
/s/ Jonathan M. Nelson* Director
------------------------
Jonathan M. Nelson
/s/ Terence M. O'Toole* Director
------------------------
Terence M. O'Toole
/s/ James N. Perry, Jr.* Director
------------------------
James N. Perry, Jr.
/s/ Kaj-Erik Relander* Director
------------------------
Kaj-Erik Relander
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/s/ James J. Ross* Director
------------------------
James J. Ross
/s/ Frank J. Sixt* Director
------------------------
Frank J. Sixt
/s/ Hans Snook* Director
------------------------
Hans Snook
* By /s/ Alan R. Bender
----------------------
Alan R. Bender, Attorney in Fact
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INDEX TO EXHIBITS
Exhibit No. Description Location
----------- ----------- --------
5 Opinion of Counsel Filed previously.
23.1 Consent of Arthur Andersen LLP Filed herewith.
23.2 Consent of Arthur Andersen LLP Filed herewith.
23.3 Consent of Friedman Kaplan Seiler & Adelman LLP (Included in Exhibit 5)
23.4 Consent of PricewaterhouseCoopers LLP Filed herewith.
24 Power of Attorney (Included on signature page)
II-7