KIRKLAND, WA – September 14, 2016 – Wave (www.wavebroadband.com), a gigabit fiber and broadband services company, announced today that it has raised $125 million to continue the accelerated growth of its West Coast fiber network, bolstering its commercial services division and its Wave G residential Gigabit service. Wave’s financing for the expansion consists of a $125 million add-on to an existing first lien term loan.
Wave plans to apply the funding to the continued build-out of its fast-growing fiber network in Washington, Oregon, and California, along with future acquisitions. Wave’s growth is accelerating on several parallel fronts:
- Wave currently has more than 1,000 fiber construction projects underway to serve business and residential customers on the West Coast;
- Wave’s commercial services division is the company’s fastest-growing area, with year-over-year revenue increases of more than 25%. It serves customers ranging from small businesses to larger enterprises, government agencies, medical and education campuses, and telecom providers.
- New construction is adding more than 100 route miles of owned fiber each month to Wave’s network of more than 5,500 route fiber miles, serving markets from the San Francisco Bay area north to the Canadian border;
- The company is continuing to expand its Wave G residential Gigabit service, by recently launching in both San Francisco, CA and Portland, OR, complementing its longstanding leadership in Seattle. Wave G was recently recognized as the fastest internet provider in Seattle by speedtest.com, and is the largest Gigabit service provider in Seattle and the surrounding communities of Bellevue, Redmond, Kirkland, and Everett, WA;
- The company also recently launched Wave G Business to provide symmetrical Gigabit internet connectivity to companies often found on the ground floors of Wave G-serviced residential apartment buildings;
- In addition to rolling-out 250 Mbps internet connectivity and a larger standard Data Plan for its traditional residential subscribers, Wave also introduced an optional Unlimited Data Plan;
- Wave announced plans in July to move into new corporate headquarters in Kirkland, WA, more than doubling its current space as an anchor tenant in the Kirkland Urban project slated for completion in 2018;
Wave previously raised $130 million in funding in May 2015 and was recapitalized for more than $1 billion in November 2012. Wave has deployed proceeds from those financing events toward new fiber construction, select acquisitions, and the overall acceleration of Wave’s growth.
About Wave
Wave is a gigabit fiber and broadband services provider for West Coast business and residential customers. Wave delivers a range of solutions for businesses, including custom fiber networks, high capacity Internet access, data transport, voice services, and colocation hosting. Wave also serves residential customers with high speed internet, TV programming and phone services. For more information, visit http://gowave.com
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