Birch Communications, an Atlanta-based service provider targeting the SMB segment, now has another $77.5 million of funds in its pocket. Included in this new financing package are a senior term loan, a senior revolving credit facility, a tranche of subordinated debt, and a provision for up to a $7.5 million leasing facility.
Like other funding rounds it secured in recent years, Birch will leverage the new funding to not only pay off remaining debts, but also to fund possible acquisitions of other service providers and expanding their existing network.
Vincent M. Oddo, Birch's president and CEO of Birch said "this funding will allow us to continue to seek accretive acquisitions, expand our proprietary IP-network and also allow us to expand the scope of our current products and services to better serve our large existing base of customers."
Unlike many of the CLECs founded in the mid-1990s, Birch has found a way to survive and remain independent at a time of great consolidation in the competitive telecom space.
Since the beginning of the year, Birch expanded its network organically throughout parts of Texas, Tennessee, Georgia, and St. Louis, Mo. Birch's buildout in Texas was complemented by completing its acquisition of Dallas, Texas-based Accutel at the end of April.
For more:
- see the release
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