TORONTO, Canada-Clearnet Communications Inc. announced its wholly owned subsidiary, Clearnet PCS Inc., has entered into a memorandum of understanding to purchase and finance an estimated $425 million in Code Division Multiple Access personal communications services infrastructure and subscriber equipment from Lucent Technologies Canada Inc.
The MOU with Lucent includes providing $475 million in vendor financing to Clearnet to purchase PCS equipment and services from Lucent and other secondary suppliers, as well as the accrual of interest in the first two years of borrowings, said Clearnet. Clearnet has raised more than $1.1 billion in financing for the buildout and implementation of the company’s business communications services and PCS networks since completing its initial public offering in October 1994.
