NEW YORK-The good news for emerging personal communications services players is that capital is available, and the investment community is bullish on wireless telephony as a general category.
The bad news is that the public and private capital markets are accommodating the favorites, so not every company that needs financing is likely to get it.
In other words, the companies that already have relatively deep pockets are able to find financing, while the businesses without many financing alternatives are having a more difficult time of it.
And a glut of wireless deals done earlier in the year may have temporarily sated investor appetite for the category. Meanwhile, the clock keeps ticking relentlessly toward deadlines for Federal Communications Commission license payments by C-block auction winners.
Public capital raised by all wireless carriers this year through mid-October totaled nearly $6.5 billion, including $4.5 billion in equity, according to Richelle Elberg, an analyst for Paul Kagan Associates Inc., Carmel, Calif. This year’s total so far is more than double last year’s, she said.
On the equity side of the public finance equation, 360
