As has been noted on the UKE website, as of 20 February 2015, the aggregate declared bid amounts for the 5 blocks of 800 MHz and the 14 blocks of 2.6 GHz spectrum now exceeds PLN2bn. We have disclosed in the past that we will bid for spectrum if the price is considered by us to be attractive. We are continuing our involvement in the auction and expect to continue to bid for spectrum. We have the capability to finance any spectrum purchases from several sources, including:
- cash generated by the business, we note that we had PLN498mm of cash as of YE 2014;
- an undrawn RCF of PLN 400mm and an undrawn unsecured credit lines of PLN200mm;
- other financings that are permissible under our financing documents; to the extent we perceive market conditions to be favorable, with funds raised in the debt capital markets; and
- equity provided by our shareholders