FiberLight raises $22 million via CoBank

July 16, 2010
JULY 16, 2010 -- Fiber-optic services provider FiberLight LLC says it has completed a private debt offering of an additional $22 million. CoBank, a national cooperative bank that finances communications and other industries, will provide debt composed of a $20 million note and a $2 million increase in the revolving line of credit.

JULY 16, 2010 -- Fiber-optic services provider FiberLight LLC says it has completed a private debt offering of an additional $22 million. CoBank, a national cooperative bank that finances communications and other industries, will provide debt composed of a $20 million note and a $2 million increase in the revolving line of credit. The additional debt offering, together with the initial offering in 2009, represents a combined value of $35 million in funded or committed capital.

“FiberLight has leveraged its financial discipline and strong EBITDA to enable unparalleled growth in the last few years. In 2009, FiberLight more than doubled annual revenue and nearly tripled the bottom line from the previous year,” said Kevin B. Coyne, president and COO of FiberLight. “CoBank and our primary investor, Thermo Capital Companies, realize FiberLight’s market value. Ongoing financial support will enable our company 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.”

FiberLight says it will use net proceeds of the debt offering “to continue to grow profitably at a rate above many in the industry.” Cash will be invested in new network opportunities around the Baltimore/Washington, DC/Maryland region. The area represents a strong growth market, FiberLight believes, as its network expands beyond a 400-mile route linking high-bandwidth demand areas in the greater regional marketplace.

FiberLight’s services include Ethernet, wavelengths and IP, SONET, and dark fiber. FiberLight wholly owns its 500,000 fiber-mile network and offers metro network services in 20 metro areas within Georgia, Florida, Washington, DC, Texas, Virginia, and Maryland. It also can provide WAN options at Layer 1, 2, and 3 to “major commercial hubs throughout the country,” it says.

“We at FiberLight will continue to position our company for additional enterprise, government and carrier opportunities as we rapidly deploy new networks and secure new markets in 2010 and 2011,” Coyne added. “The debt offering will be utilized for continued high margin revenue opportunities and future acquisitions, which will provide us with the strong financial platform required to pursue new opportunities.”

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