FiberLight secures funds to continue its network expansion

Fiber-optic network provider FiberLight, LLC, says it has increased its senior secured debt facility by an additional $97.2 million. CoBank led the syndicated financing, which included a number of farm credit banks.

The syndication, which closed on September 30th, 2013, marks a new milestone in FiberLight’s sustained growth, the company claims.

“Our continued sales growth and expansion of our high-fiber-count networks that are designed, engineered, built and maintained by FiberLight continue to allow us to secure a credit facility with CoBank at extremely favorable terms and rates. The facility will be used to refinance existing debt, fulfill customer contracts, and fund future success based opportunities,” said Kevin Coyne, FiberLight’s chief financial officer.

FiberLight has undertaken numerous projects, including their largest build in the state of Texas, of which consists of 8000 miles of fiber and a 100G long-haul network (called DASH) between Dallas/Ft. Worth, Austin, San Antonio, and Houston (see “FiberLight turns up first 100G link in Texas”).

“FiberLight’s growth allows us to maintain some of the lowest leverage ratios in the industry. The refinancing component of this debt raise will cap off our efforts to lower our cost of capital providing additional savings and cash flow,” Coyne added.

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