FiberLight, a competitive fiber service provider, has wrapped up an additional $22 million private debt offering from CoBank.
CoBank will provide FiberLight with debt consisting of a $20 million note and a $2 million increase in the revolving line of credit. This is the second round of funding FiberLight secured from CoBank. Combined with the $13 million initial offering FiberLight secured with CoBank last August, the service provider now has $35 in total funded or committed capital at its fingertips.
Kevin B. Coyne, President and COO of FiberLight, said in a statement that the new funding from CoBank will enable it to "to solidify our marketplace position and fully capitalize on our strength as a company, both in terms of expanding our revenue capacity and developing untapped opportunities represented in our extensive fiber footprint."
Cash from the latest offering will be used to invest in new network opportunities around the Baltimore/Washington, D.C./Maryland region. FiberLight sees the region as a key area of high growth as its network expands beyond the initial 400-mile route linking other high-bandwidth areas.
For more:
- see the release here
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