Close X
Sunday, November 24, 2024
ADVT 
Tech

Wind Mobile Gets New $425-million Financing Arrangement For Network Upgrade

Darpan News Desk The Canadian Press, 10 Dec, 2015 11:33 AM
    TORONTO — Wind Mobile Corp. has arranged for up to $425 million of financing that will support an upgrade of its network to LTE technology.
     
    The Toronto-based company has been doggedly growing its business since launching the service six years ago, the first of several new competitors for the three established national carriers: Rogers, Telus and Bell.
     
    The big networks — which continue to dominate the Canadian market — have already deployed LTE technology across most of their territory, enabling their networks to deliver higher data speeds and more service features to their customers.
     
    The much smaller Wind has sometimes had difficulty raising funds for its capital investments but a change in its ownership structure late last year cleared the way for it to raise funds.
     
    Wind said Thursday that a syndicate of major Canadian banks, led by Toronto-Dominion, Bank of Montreal and Canadian Imperial Bank of Commerce, will provide new secured debt financing.
     
    Finland's export credit agency will also provide financial support for Wind's purchases from Nokia Networks, which will be the sole supplier for the LTE upgrade.
     
    Industry Canada rules on mandatory roaming access mean that if Wind Mobile builds an LTE network of its own, its customers should be able to access the LTE networks of the incumbent carriers while outside Wind's coverage zone.

    MORE Tech ARTICLES

    Google Glass app that gives users encyclopaedic knowledge

    Google Glass app that gives users encyclopaedic knowledge
    Although the immediate commercial future of Google Glass appears bleak, a series of apps to be showcased here this coming weekend and deployable...

    Google Glass app that gives users encyclopaedic knowledge

    World's fastest camera is here

    World's fastest camera is here
    A team of biomedical engineers has developed the world's fastest camera, a device that can capture events up to 100 billion frames per second....

    World's fastest camera is here

    Twitter improves tools to block annoying users

    Twitter improves tools to block annoying users
    In the new process, users can now report abuse with fewer steps and those not directly involved in the abuse can flag the abuse more easily....

    Twitter improves tools to block annoying users

    Free falling iPhone to rotate in mid-air to prevent damage

    Free falling iPhone to rotate in mid-air to prevent damage
    The next time your iPhone is about to fall onto the ground, it might just rotate in mid-air and save itself from damage....

    Free falling iPhone to rotate in mid-air to prevent damage

    App to save footballers suffering sudden cardiac arrest

    App to save footballers suffering sudden cardiac arrest
    A new app will help anyone attending sports events to identify and treat sudden cardiac arrest (SCA) on the football field and save lives in emergencies....

    App to save footballers suffering sudden cardiac arrest

    Bell's CraveTV launches next week for $4 a month

    Bell's CraveTV launches next week for $4 a month
    Bell's streaming competitor to Netflix and Shomi will launch to "TV lovers" next week at about half the price.

    Bell's CraveTV launches next week for $4 a month