Unite Private Networks has armed itself with a $273 million credit facility to support ongoing fiber network expansions that will support its growing base of enterprise and wireless operator customers.
The service provider will use the proceeds from this transaction to support recently announced expansion efforts in both Nebraska and Iowa and fiber-to-the-tower (FTTT) deployments for a number of large national wireless operators that have chosen UPN as one of their backhaul suppliers.
Arranged by SunTrust Robinson Humphrey and RBC Capital Markets, the transaction was met with strong reception in the investor community.
"This facility, in addition to deepening our relationship with our existing lenders, provides the financial resources for us to continue to successfully deliver against the increasing communications network needs of our expanding customer base," said James Wilmsen, CFO at Unite Private Networks, in a release
Both of the projects in Nebraska and Iowa are not just speculative builds since both are being done to support an anchor wireless operator customer.
In Nebraska, the service provider is building a nearly 600-mile route that will create new diverse rings in Omaha, Lincoln and surrounding communities that will be used by one of the large wireless operators for its macro and small cell deployment projects.
Likewise, in Iowa UPN is building a nearly 700-mile route with diverse rings around the state, connecting all major metro areas in central and eastern Iowa, including Des Moines, Ames, Cedar Rapids, Waterloo, Cedar Falls, Iowa City and Davenport. UPN said it expects the Iowa build to be completed by the fourth quarter of 2015.
For more:
- see the release
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