Microcell Obtains Additional Tranche

Microcell Telecommunications Inc. and its subsidiaries, Microcell Connexions Inc. and Microcell Solutions Inc., obtained an additional $100 million tranche to their existing credit facilities on February 20, 2002, following completion of a successful rights offering to shareholders. Microcell will use the additional funds to continue the growth of its national wireless telecommunications network, operated under the Fido brand. This additional tranche brings the total facilities, provided by a syndicate of lenders led by J.P. Morgan Canada, to $850 million.

Jocelyn Cote of Microcell was responsible for the transaction, with outside advice from Borden Ladner Gervais LLP, with a team that included James Mathers, Larissa Tkachenko and Jeff Ellis in Toronto, Michael Patry and Patricia Galella in Montreal, Don Bird and Nicole Garton in Vancouver and Marilyn Paterson in Calgary.

J.P. Morgan Canada was represented by Michael Harquail, Chris Marshall, Leslie Morgan and Lori Komis of Blake, Cassels & Graydon LLP in Toronto and James Papadimitriou in Montreal. Credit Suisse First Boston Corporation, as arranger of the new tranche, was represented by Sal Guerrera and Ken Suh of Mayer, Brown, Rowe & Maw in New York.