FiberLight announces a new long-term $105M financing arrangement with CoBank, ACB.
(ATLANTA, GA) – FiberLight, LLC announced today the securing of a new long-term syndicated financing arrangement lead by CoBank, ACB. The confirmed financial securement was for a senior secured note and revolver totaling $105 million. This will allow FiberLight to continue to refinance all outstanding debt, provide working capital for continued network infrastructure build-outs, and maintain a targeted liquidity position throughout the market.
FiberLight's use of these new proceeds will include the refinancing of their existing revolver and senior secured debt, as well as new capital expenditures.
"We recently won over $300 million dollars in contracts for some large network expansion projects in the state of Texas. This financing provides us the necessary capital to build over 8,000 new route miles in the state of Texas as a result of the recent wins. CoBank has been and continues to be a very strong partner in these efforts providing us the necessary capital which allows us to continue to focus on the day to day operations," said FiberLight's President and Chief Operating Officer Kevin Coyne.
CoBank Vice President Kevin Oliver noted that this is the third round of financing CoBank has provided to FiberLight since 2009. "We appreciate our strong partnership with FiberLight and commend them for the leadership position they have built in the fiber optic communications sector," Oliver said. "FiberLight's Texas network expansion promises to enhance communications service throughout the state, including rural communities our bank is chartered to serve. We congratulate FiberLight on their continued growth and look forward to additional opportunities in the future."
About CoBank, ACB
CoBank is a $90 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 70,000 farmers, ranchers and other rural borrowers in 23 states around the country.
CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture and the nation's rural economy. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.
For more information about CoBank, visit the bank's web site at www.cobank.com.
FiberLight is a premier provider of mission-critical, high performance networking services including Ethernet, Wavelengths, and IP, SONET, and Dark Fiber optical transport network solutions. Solutions are provided to telecom carriers, government, enterprise, content providers and web-centric businesses. FiberLight wholly owns its 500,000 fiber mile network in key growth areas and offers robust metro networks in 23 metros within Georgia, Florida, Washington, D.C., Texas, Virginia and Maryland, as well as Wide Area Networking options at layer 1, 2 and 3 to major commercial hubs throughout the country. Visit FiberLight at www.fiberlight.com.
PR Contact: Michael Klug, FiberLight, LLC, 678-824-6634, Mike.Klug@FiberLight.com