Strategic bank financing fully funds the next stage of WIND Mobile's network growth
TORONTO, Dec. 10, 2015 /CNW/ - Wind Mobile Corp. ("WIND Mobile") announced today the closing of a new senior secured debt facility that allows up to CND$425 million of total financing to support its plans for network enhancement and the deployment of LTE using equipment and services supplied by Nokia Corporation.
The facility enabled the re-financing of existing debt facilities and consists of multiple delayed-draw tranches to fund both operational growth and network expansion. With the backing of a syndicate of major Canadian banks and additional support from the export credit agency of Finland ("Finnvera") to support network purchases, WIND Mobile is positioned to expand on its position as Canada's 4th largest wireless provider.
"The combination of our new financing, new spectrum acquired earlier this year, and approved by, the Federal Government, and with Nokia as a world-class technology partner, WIND fulfills the requirements to move to the next stage in its growth and network functionality," said Chief Executive Officer, Alek Krstajic.
"It is also important to note," he added, "the support we have received from our syndicate of Canadian banks and that they have recognized both the evolution of WIND and its importance in delivering a competitive choice to Canadian consumers."
The syndicate was led by three co-lead arrangers, TD Securities, BMO Capital Markets and Canadian Imperial Bank of Commerce, all of whom have participated in the financing. Toronto-Dominion Bank also served as the lead arranger for the export-credit backed facility supported by Finnvera.
Q Advisors acted as the Company's exclusive financial advisor and McMillan LLP served as the legal advisor on the transaction.
"Q Advisors was critical to the success of the debt transaction," said Bruce Kirby, Chief Financial Officer. "Q Advisors evaluated a variety of debt financing solutions and ultimately created and closed this complex transaction."
About WIND Mobile
WIND Mobile is Canada's alternative wireless carrier, dedicated to bringing affordable wireless service to Canadians by offering simple and fair unlimited plans with no overage charges and no hidden fees. Learn more about WIND Mobile at WINDmobile.ca or follow online at facebook.com/WINDmobile or twitter.com/WINDmobile.
SOURCE WIND Mobile
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