TORONTO, Feb. 12, 2013 /CNW/ - Data & Audio-Visual Enterprises Wireless
Inc. ("Mobilicity") is pleased to announce that it has entered into a
$75 million second lien financing.
This new financing will be available to Mobilicity in two stages. The
first stage consists of a $35 million facility provided by certain
lenders (the "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 right to
subscribe as lenders under the follow-on facility. Proceeds of the
follow-on facility will be used to repay the first $35 million facility
in full and provide Mobilicity with additional capital for general
This additional financing significantly enhances Mobilicity's financial
strength and is an important step to the achievement of Mobilicity's
strategic goals going forward.
About Mobilicity (DAVE Wireless)
Mobilicity, Canada's smart mobile carrier, was created to bring down the
cost of wireless with unlimited talk, text and data plans, affordable
North American coverage, plus popular handsets and smartphones -
without locking customers into contracts or charging extra or hidden
fees. Everything Mobilicity does adds up to a better wireless
experience, not an expensive one. NOW THAT'S SMART.
Formerly known as Data & Audio-Visual Enterprises Wireless Inc. (DAVE
Wireless), the company is led by Obelysk, a diversified Canadian
holding company, and Quadrangle Capital Partners, a global investor in
the telecommunications and media sectors. Mobilicity was named one of
Canada's Top 25 Up and Coming Information & Communication Technology
start-ups in 2010 by the Branham Group Inc. Further information about
Mobilicity can be found at www.mobilicity.ca.