ATLANTA, GA – Dec. 5, 2012 – FiberLight, LLC announced today the securing of a new long-term syndicated financing arrangement lead by CoBank, ACB. The confirmed financial securement was for a senior secured note and revolver totaling $105 million. This will allow FiberLight to continue to refinance all outstanding debt, provide working capital for continued network infrastructure build-outs, and maintain a targeted liquidity position throughout the market.
FiberLight’s use of these new proceeds will include the refinancing of their existing revolver and senior secured debt, as well as new capital expenditures.
“We recently won over $300 million dollars in contracts for some large network expansion projects in the state of Texas. This financing provides us the necessary capital to build over 8,000 new route miles in the state of Texas as a result of the recent wins. CoBank has been and continues to be a very strong partner in these efforts providing us the necessary capital which allows us to continue to focus on the day to day operations,” said FiberLight’s President and Chief Operating Officer Kevin Coyne.
CoBank Vice President Kevin Oliver noted that this is the third round of financing CoBank has provided to FiberLight since 2009. “We appreciate our strong partnership with FiberLight and commend them for the leadership position they have built in the fiber optic communications sector,” Oliver said. “FiberLight’s Texas network expansion promises to enhance communications service throughout the state, including rural communities our bank is chartered to serve. We congratulate FiberLight on their continued growth and look forward to additional opportunities in the future.”