Close X
Thursday, November 28, 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

    Print photos from your smartphone, wirelessly

    Print photos from your smartphone, wirelessly
    It is a scanner and printer not much bigger than a smartphone. The SnapJet scans images directly from your smartphone screen and prints them out on...

    Print photos from your smartphone, wirelessly

    Indian American scientist develops path to brighter LCD displays

    Indian American scientist develops path to brighter LCD displays
    Researchers led by an Indian-American have developed a polarising filter that can result in mobile device displays that last much longer on a single battery charge and cameras...

    Indian American scientist develops path to brighter LCD displays

    India one of fastest growing markets for Twitter

    India one of fastest growing markets for Twitter
    With more and more people getting engaged with the micro-blogging website, India is turning out to be one of the fastest growing markets for the US-based...

    India one of fastest growing markets for Twitter

    Selfie stick in Time magazine's best inventions list

    Selfie stick in Time magazine's best inventions list
    The selfie stick that facilitates your capturing a selfie from an angle of your choice by positioning your smartphone beyond the arms' reach has made it to...

    Selfie stick in Time magazine's best inventions list

    New App Alert: Photofy version 3.0 turns ordinary photos into works of art

    New App Alert: Photofy version 3.0 turns ordinary photos into works of art
    Photofy, the social content creation app for iOS and Android that empowers user creativity by adding their own unique, personal touch to photos, just launched version 3.0, adding a number of awesome new features

    New App Alert: Photofy version 3.0 turns ordinary photos into works of art

    Ignore online security warnings at your own risk

    Ignore online security warnings at your own risk
    People care about keeping their computers secure, security warnings are conveniently ignored while accessing risky websites, found an experiment by American researchers....

    Ignore online security warnings at your own risk