Tech Valley Communications, a growing competitive fiber-based provider focused on the upstate New York and Northern New England markets with connectivity to Canada, has received a loan from GE Capital and Webster Bank, which served as a co-lender. The service provider did not reveal the financial details of the agreement.
It will use the new debt facility to fund a number of new organic and inorganic activities, including the acquisition of other local area competitive providers, network expansion and new services.
One of Tech Valley's latest service initiatives is its 10 Gbps Ethernet and optical wavelength services in 10 days promotion for new and existing customers that are located in the 1,300 on-net fiber buildings it has in upstate New York and northern New England.
Kevin O'Connor, CEO and co-founder of Tech Valley Communications, said in a release that the new credit facility was used to fund its recent acquisition of TelJet Longhaul fiber network in Vermont and "and allows us to accelerate the company's expansion plans as we continue to build out our network and seek additional acquisition targets."
In a previous interview with FierceTelecom O'Connor said that the CLEC is in talks about striking a deal with two other service providers that match its footprint.
For more:
- see the release
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