YOU ARE AT:Archived ArticlesCLEARNET GETS OK FOR PCS FINANCING: MOBILFUNK ORDERS SIEMENS GSM GEAR

CLEARNET GETS OK FOR PCS FINANCING: MOBILFUNK ORDERS SIEMENS GSM GEAR

PICKERING, Ontario-Clearnet Communications Inc. received consent from its noteholders for its wholly owned subsidiary, Clearnet PCS Inc., to borrow under vendor financing agreements to build out its personal communications services network.

The company said financing of about $353 million will be provided by Lucent Technologies Inc. along with its Canadian subsidiary, Lucent Technologies Canada Inc.

More than 90 percent of the noteholders of the senior discount notes issued in December 1995, agreed to amend the definition of “vendor financing arrangements,” as well as certain restrictive covenants in the indenture to permit the loan and security arrangements between Lucent and Clearnet, the company said.

Mobilfunk orders Siemens GSM gear

MUNICH-Siemens Public Communication Networks Group will provide Global System for Mobile communications equipment to Mannesmann Mobilfunk GmbH. Siemens said the order must be fulfilled by the end of the year.

Siemens will supply switching systems and base stations, intelligent network functions and an information system to expand Mannesmann’s D2 network.

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