New Iusacell Announces Placement of US$350 Million of Its 14.25% Senior Notes Due 2006

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New Iusacell Announces Placement of US$350 Million of Its 14.25% Senior Notes Due 2006

December 9, 1999

Media
contact:

William S. Roberts, Executive VP and CFO
011-525-109-5751

Howard F. Zuckerman, Executive VP of Finance
011-525-109-5761

Ian C. Muir, Director of Investor Relations
011-525-109-5755

MEXICO CITY -- Nuevo Grupo Iusacell, S.A. de C.V.
(NYSE: CEL) announced that US$350 million of its 14.25% Senior Notes due
2006 were placed today in an offering pursuant to Rule 144A and Regulation S.
and carry a rating of B1 by Moody's Investor Service and B+ by Standard
&Poor's.

Approximately US$134 million of the net proceeds will be placed in a security
account to pay the first six semi-annual interest payments. The remaining
proceeds will be used primarily to fund recent capital expenditures, future
investments in Iusacell's existing cellular operations, as well as for general
corporate purposes. These investments allow the Company to expand digital
network capacity, increase coverage and better meet its customers' requirements
for quality service.

These securities have not been registered under the Securities Act of 1933 and
may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.

*****************

Note: This press release contains statements about expected future events and
financial results that are forward-looking and subject to risks and uncertainties.
For those statements, we claim the protection of the safe harbor for forward-
looking statements contained in the Private Securities Litigation Reform Act of
1995. Discussion of factors that may affect future results is contained in our
filings with the Securities and Exchange Commission.

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