Law enforcement officials in Sacramento, Calif., are investigating what appears to be the intentional severing of fiber optic cables from Level 3 and Zayo. These fiber optic cables provided service for Wave Broadband, an independent provider of 1 Gbps broadband services, and caused a disruption to the company's phone and television service as well as broadband access.
Wave Broadband customers were impacted by the vandalism, including the Woodland Chamber of Commerce and some emergency service offices. According to Wave Broadband's Web site, the cables were "physically severed" early Tuesday and repair crews were able to restore service by late Tuesday night.
Wave recently launched 1-Gig service in San Francisco, challenging AT&T (NYSE: T) and Comcast (NASDAQ: CMCSA), which currently are the dominant providers.
As one of the early 1 Gbps service pioneers, Wave has been offering 1 Gbps service since 2008 in Seattle under the CondoInternet brand and plans to extend its gigabit service offering to more apartment and condo developments in the next few months.
In May, Wave raised $130 million in new capital. The company said it plans to use the new funds to expand its network into more cities within its existing footprint and launch a set of new residential and business services.
Sources of Wave's new financing for this expansion include a corporate bond sale led by Deutsche Bank and supported by Wells Fargo, Sun Trust and RBC Daniels.
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