Data & Audio-Visual Enterprises Wireless, which owns and operates discount wireless carrier Mobilicity, has entered into a $75 million second lien financing.
This new financing will be available to Mobilicity in two stages, the company says. 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.
According to Mobilicity, 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, Mobilicity says.
“This additional financing significantly enhances Mobilicity’s financial strength and is an important step to the achievement of Mobilicity’s strategic goals going forward,” the discount carrier stated in a release.