Atlanta, GA -- 7/15/2010 -- FiberLight, LLC, one of the nation’s leading providers of mission critical, high performance fiber optic network solutions, announced today it has completed a private debt offering of an additional $22 million. CoBank, a national cooperative bank that finances communications and other vital industries, will provide debt comprised 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.”
Net proceeds of the debt offering will be used by FiberLight to continue to grow profitably at a rate above many in the industry, while cash will be invested in new network opportunities around the Baltimore/Washington, D.C./Maryland region. The area represents a strong growth market for FiberLight as its network expands beyond a 400-mile route linking high-bandwidth demand areas in the greater regional marketplace.
“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,” Mr. Coyne said. “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.”
This is the second round of financing CoBank has provided to FiberLight, which started working with the bank in 2009.
“We’re pleased to be working with FiberLight as they continue to grow their business and leadership position in the industry,” said Kevin Oliver, CoBank vice president and senior relationship manager.
CoBank is a $58 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states.
CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture and the nation's rural economy. In addition to serving its direct borrowers, the bank also provides wholesale loans and other financial services to affiliated Farm Credit associations and other partners across the country.
Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore. For more information about CoBank, visit the bank's web site at www.cobank.com .
FiberLight is a premier provider of mission critical, high performance fiber optic networking services including Ethernet, Wavelengths and IP, SONET, and Dark Fiber optical transport network solutions. Solutions are provided to telecom carriers, government, enterprise, content providers and web-centric businesses. FiberLight wholly owns its 500,000 fiber mile network in key growth areas and offers robust metro networks in 20 metros within Georgia, Florida, Washington, D.C., Texas, Virginia and Maryland, as well as Wide Area Networking options at layer 1, 2 and 3 to major commercial hubs throughout the country. Visit FiberLight at www.fiberlight.com .