Mobilicity secures $75 million in new financing

TORONTO - Mobilicity has announced that it has entered into a $75 million second lien financing. The new financing will be available to Mobilicity in two stages. The first stage consists of a $35 million facility provided by certain lenders and the second stage will consist of a $75 million follow-on facility that will be backstopped by the lenders. The first stage will be available in three draws, with each draw becoming available upon satisfaction of certain conditions precedent. At this time, the first draw of $15 million has been completed. Certain existing debt holders of Mobilicity will have the...