December 10, 2015 / 7:21 PM / 3 years ago

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

(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).

The loan syndicate was led by TD Securities, BMO Capital Markets (BMO.TO) and Canadian Imperial Bank of Commerce (CM.TO), 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), Rogers Communications Inc (RCIb.TO) and BCE Inc’s (BCE.TO) Bell, each of which has at least 10 times as many wireless subscribers.

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

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