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VZWVerizon Wireless
VZWVereniging Zonder Winstoogmerk (Dutch word for foundation)
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The sources added that the ordered volume from VZW for the Mecha is expected to help maintain HTC's shipments at a eight million level in the first quarter of 2011.
To maintain competitive data offerings, VZW will need to successfully deploy its fourth generation network, based on the new Long Term Evolution (LTE) standard, as well as have new applications developed that use the network.
Verizon Wireless, a provider of wireless products and services and a joint venture of Verizon Communications (NYSE:VZ) and Vodafone (NYSE/LSE:VOD), and Rocket Mobile, a developer of mobile phone applications and mobile messaging technologies for handset OEMs, have announced that Rocket Mobile has been selected by Verizon Wireless as an application service provider for VZW PIX, Verizon'slatest advanced wireless data application.
Also an important consideration in Verizon's rating is the access to cash generated by VZW through intercompany debt repayments initially, and prospectively through its 55% share of potential distributions.
VZW spent more than $9 billion to acquire a significant amount of spectrum in the FCC's 700 megahertz spectrum auction in early 2008.
VZW raised in advance a significant portion of the proceeds required to close the transaction through term loans and note offerings.
To realize synergies, VZW will spend approximately $800 million on integration costs and $900 million on integration capital, mostly in the first year.
In addition to the note offering, to finance the acquisition of Alltel VZW is expected to obtain a 364-day bridge facility (for which it currently does not have financing commitments in place).
Verizon's and VZW's 'A' IDR and Stable Rating Outlook are underpinned by the continued strong growth at VZW of revenue, EBITDA and free cash flow.
Fitch expects to assign a rating to VZW and resolve its Rating Watch Negative with the completion of a final review of the transaction shortly after the FCC's decision is rendered.
Fitch believes a material level of event risk is present for some operators that may have interest in the wireless assets that VZW will need to divest as a result of DOJ or FCC reviews.
An event with long-term positive implications for Verizon but poses a concern with regard to its initial outlay and financing would be the acquisition of Vodafone Group Plc's (Vodafone) 45% interest in VZW.