Canada's Wind Mobile gets C$425 million loan to help expand network

Thu Dec 10, 2015 2:10pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

(Reuters) - Wind Mobile, Canada's fourth largest wireless provider, said it closed a new C$425 million ($312 million) debt facility that will help it deploy a high-speed LTE network using equipment and services supplied by Nokia Corp (NOKIA.HE: Quote).

The loan syndicate was led by TD Securities, BMO Capital Markets (BMO.TO: Quote) and Canadian Imperial Bank of Commerce (CM.TO: Quote), Wind Mobile said in a statement.

The company said the facility, which also helped re-finance existing debt facilities, consists of multiple delayed-draw tranches to fund both operational growth and network expansion.

Wind Mobile lags far behind the three big Canadian players, Telus Corp (T.TO: Quote), Rogers Communications Inc (RCIb.TO: Quote) and BCE Inc's (BCE.TO: Quote) Bell, each of which has at least 10 times as many wireless subscribers.

(Reporting by Manish Parashar in Bengaluru; Editing by Savio D'Souza)