FiberLight gets $105M cash infusion from CoBank
FiberLight, a growing competitive fiber-based provider, on Wednesday secured a new long-term $105 million financing agreement with CoBank ACB.
The new funding will enable the service provider to achieve three of its goals: refinance its outstanding debt, provide capital for ongoing network buildouts, and maintain a targeted liquidity position.
These new proceeds include the refinancing of the company's existing revolver and senior secured debt, as well as new capital expenditures.
This new funding comes at time when FiberLight is conducting various network upgrades and build outs to accommodate both its enterprise and wholesale service provider customers, particularly wireless operators.
One of these builds is to accommodate $300 million in contracts that FiberLight's President and Chief Operating Officer Kevin Coyne said it won "for some large network expansion projects in the state of Texas."
In Texas, the new financing will provide the company with the money they need to build over 8,000 new route miles related to the recent wins.
Earlier this year, FiberLight began rolling out 3,000 miles of a new metro and regional fiber network serving western Texas. This initiative was being conducted to satisfy a number of Ethernet wireless backhaul opportunities.
At that time, the service provider said the initial project "will connect over 275 wireless towers and over 100 buildings."
- see the release
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