Secures $75M in new debt financing to fund network expansion
Oct. 12, 2009 (Business Wire) -- Fibertech Networks, L.L.C., a leading provider of metropolitan bandwidth services in mid-size cities, today announced it has secured a new $75 million senior credit facility. M&T Bank led the syndicate financing, which included Bank of America, JPMorgan Chase and CoBank. The syndication closed on September 18th.
“Our exceptional sales results and award-winning record of operational excellence has positioned us for growth and allowed us to secure this credit facility on very favorable terms and rates,” said Purcell. “This financing will be used to build out network to fulfill customer contracts, and will also fund our future network expansion plans.” Purcell added that through September, 2009 new annual revenue is double that of 2008.
The new, 4-year facility includes a $30 million term loan and $45 million revolver.
Said Purcell, “This positive outcome in today’s challenging credit market is a great reflection of the financial and service results that Fibertech employees have built over the past nine years.”
About Fibertech Networks
Headquartered in Rochester, N.Y., Fibertech Networks is a leader in providing fiber-optic based network services throughout mid-size cities in the Eastern and Central regions of the United States. The company has built metro-area networks strategically connecting local Telco central offices, carrier hotels, data centers, office parks and other high traffic locations.
Founded in 2000 and privately held, Fibertech investors are led by Nautic Partners of Providence, R.I., and Banc of America Capital Investors of Charlotte, N.C. Further information about the company can be found at www.fibertech.com.
