Lightower Fiber Networks has established $230 million in secured credit facility with GE Capital Media. Structured as a $40 million revolver and $190 million term loan, Lightower used a portion of the loan to fund its acquisition of fellow custom-built fiber network provider Lexent Metro Connect.
Since MC Venture Partners and Pamlico Capital initially acquired Lightower in August 2007, GE Capital has served as an Administrative Agent to the service provider.
GE Capital recognizes Lightower, which has been on an acquisition spree of smaller service providers lately with deals to acquire Lexent and Open Access Inc., as a fiber provider that's responding to needs from both medium-to-large enterprises and even wireless operators that need alternative capacity sources for wireless backhaul.
"This is an industry clearly poised for long-term growth and Lightower's position in the industry will only grow stronger," said Mark Bernier, GE Capital Managing Director and Communications Team Leader. "Our team recognizes the underlying value proposition for high-capacity bandwidth utilizing end-to-end fiber connectivity and our investment highlights our commitment to both Lightower and the overall industry."
For more:
- see the release
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