Bank of America Leads Group of Lenders Extending $2 Billion Credit Facility to AirTouch Communications.

SAN FRANCISCO--(BUSINESS WIRE)--July 24, 1995--Bank of America and AirTouch Communications (NYSE:ATI) today announced a transaction that provides a $2 billion credit facility for AirTouch, one of the world's leading wireless communications companies. The financing will be available to AirTouch to fund further investments in Cellular Communications, Inc., (CCI) and start-up operations.

"During the past year, we have expanded our domestic and international wireless businesses very rapidly," said Chris Christensen, chief financial officer at AirTouch Communications. "This transaction will provide necessary capital to continue our impressive growth. We're in the process of building new cellular systems in Italy, South Korea, and Spain, as well as a PCS network in the U.S. In the next few months we have a contractual obligation to purchase additional shares in CCI, our partner in our Michigan and Ohio cellular operations, for up to $720 million.

"We believe these investments will pay off in the future, and will help ensure our global leadership role in the wireless industry," he added. Christensen also noted that AirTouch is in a good position to assume this credit facility because it currently has virtually no debt.

"AirTouch has been very successful at expanding its subscriber base both here in the United States and internationally," said Douglas Pratt, executive vice president in corporate banking at Bank of America. "This financing will provide the company with the financial flexibility it needs to continue its growth in the dynamic wireless communications industry."

BA Securities, Inc., the securities subsidiary of BankAmerica Corporation, arranged the credit facility. BA Securities, Inc., The Bank of Nova Scotia, Chemical Securities Inc., and Citicorp Securities, Inc. all served as syndication agents for the transaction. A total of 47 lenders participated in the credit facility.

Bank of America is a subsidiary of BankAmerica Corporation, which has $223 billion in assets. With offices in 36 countries, Bank of America provides capital markets, credit, and banking services to large corporations, nationally and internationally.

AirTouch Communications is a global wireless communications company, with interests in cellular, paging, personal communications services, satellite, and other operations in the United States and 11 other nations: Belgium, Canada, France, Germany, Italy, Japan, Portugal, South Korea, Spain, Sweden, and Thailand. The company, which is based in San Francisco, serves nearly four million customers worldwide.

CONTACT: AirTouch Communications, Inc.

Susan Rosenberg, 510/210-3910

or

Bank of America

Susan Stanley, 415/622-4449