Wireless broadband service provider Wirefree Partners LLC is shopping a $138.5 million securitization of distribution licensing payments due the company from Sprint Nextel Corp. over at least the next 10 years. The series 2005-1 transaction, offered via lead manager Lehman Brothers, will go to repay Wirefree's borrowings that were used to fund its $150.2 million bid under the Federal Communications Commission's Auction 58, which took place in February.

Auction 58 allowed entrepreneurial enterprises to license wireless communication services to large telecom entities, such as Sprint. The FCC defines entrepreneurial enterprises as those with revenues less than $125 million and total assets less than $500 million, according to the posted description of Auction 58 on the FCC's Web site.

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