PICKERING, Ontario-Clearnet Communications Inc. said it has agreed with BT Bank of Canada and the Bank of Montreal to let the commitment for an $85 million bank facility expire.
“Clearnet has unutilized borrowing potential,” said Robert McFarlane, vice president and chief financial officer of Clearnet. “Unfortunately, we were unable to resolve with the bank syndicate an acceptable basis to accommodate other financing which Clearnet is currently considering. We have decided to refocus our efforts on establishing an appropriate debt facility that is better suited for our future requirements,” McFarlane said.
The company said it is in discussions with other banks for a credit facility in excess of $100 million.
Clearnet Communications is a wholly owned subsidiary of Clearnet Inc. Clearnet is building out a fully integrated digital wireless network in Canada and conducting trials for personal communications services. BT Bank of Canada is a wholly owned subsidiary of Bankers Trust Co., New York.
