TORONTO – DAVE Wireless announced today it has signed a $125-million loan agreement with ING Bank N.V. to continue building the new wireless company’s network.
This long-term financing (the term was not disclosed), which was structured by ING and its affiliate ING Capital LLC, “will enable DAVE Wireless to accelerate its roll-out schedule in its service territories, which include Ontario, Alberta and British Columbia,” reads this morning’s press release.
“We have made significant progress in the last year, and we are pleased to now be working with ING,” said Dave Dobbin, president of DAVE Wireless, in the release. “This attractive financing provides significant operating flexibility as we continue to implement our strategy to offer outstanding service and value to our future Canadian subscribers.”
"DAVE Wireless has a disciplined approach and a management team with extensive Canadian experience,” said Steve Nettler, managing director at ING Capital LLC, in the release. “Moreover, DAVE Wireless’ marketing strategy and partnerships with leading vendors substantiates their ability to execute a high value and low cost business plan.”
ING, a global financial institution offering financial services to over 85 million private, corporate and institutional clients in more than 40 countries, is the lead arranger for the credit facility.
DAVE Wireless (Data and Audio Visual Enterprises) is a Canadian wireless company led by Obelysk, a diversified Canadian holding company, and Quadrangle Capital Partners, a global investor in the telecommunications and media sectors with more than $3 billion of capital under management. The wireless telco holds licenses which cover 10 of the 13 largest markets including Toronto, Vancouver, Calgary, Edmonton and Ottawa.
