BURNABY, BC, Sept. 23, 2014 /CNW/ - GLENTEL Inc. ("GLENTEL" or the "Company") (TSX: GLN) announced today that it is withdrawing its previously announced offering of $200 million Senior Unsecured Notes (the "Notes") due in 2019 and the related refinancing of its senior secured credit facility.
The unsecured Notes offering was intended to opportunistically repay borrowings under the Company's existing senior secured credit facilities and to be used for general corporate purposes. While the offering generated investor interest, it did not ultimately result in terms and conditions that were satisfactory to the Company.
The Company intends to continue with its existing senior secured credit facilities that are currently in good standing, and which mature in October 2017. While maintaining its disciplined approach to raising capital, GLENTEL will continue to periodically review other financing options that provide additional flexibility to the Company.
Based in Burnaby, BC, Canada, GLENTEL is a leading provider of innovative and reliable wireless communications services and solutions, offering a choice of network carrier and wireless or mobile products and services to consumers and commercial customers. GLENTEL is one of the largest independent multicarrier mobile phone retailers in Canada and Australia. In the United States, GLENTEL operates two of the six National Premium Retailers for Verizon Wireless. To its business and government customers, GLENTEL offers wireless systems and hardware, rental equipment, and system implementation services. GLENTEL celebrated its 50th anniversary in 2013.
GLENTEL's own brands, including GLENTEL Wireless Solutions, WIRELESSWAVE, WAVE SANS FIL, Tbooth wireless, la cabine T sans fil, WIRELESS etc…, SANS FIL etc…, MacStation, Diamond Wireless, Wireless Zone®, and Allphones span four countries and three continents. At June 30, 2014, the Company employed over 4,700 employees and operated more than 1,420 locations, including more than 495 locations in Canada, located in retail malls, Costco Wholesale stores, Target retail stores, and business centres; more than 735 corporate, franchise, and BJ's Wholesale Inc. kiosk retail locations in the United States; and more than 190 retail locations in Australia and the Philippines.
Cautionary Statement Regarding Forward-Looking Information
Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third-party manufacturing, managing rapid growth, limited intellectual property protection, and other risks and uncertainties described in GLENTEL's public filings with securities regulatory authorities.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
SOURCE: Glentel Inc.
For further information: Investor Relations Contact, Jas Boparai, Chief Financial Officer, GLENTEL Inc., 604.415.6500, [email protected]; Media Contact, Dan Lowndes, Vice President, Corporate Communications, GLENTEL Inc., 604.415.6500, [email protected]