WOODSTOCK, NB – Xplornet Communications has completed a $158 million private financing transaction to support its ongoing subscriber growth and enhance its rural broadband network, the company said Monday.
The transaction consists of $148 million of new debt and equity and $10 million in refinanced debt. The company said that the additional funding, which comes from both new and existing investors, is an endorsement of its “unwavering commitment to the continuing development of rural broadband in Canada”.
“This sizable investment in rural Canada is another example of the commitment from our private sector investors to support our mission of delivering fast, affordable broadband to every rural Canadian," said president Allison Lenehan, in the announcement. "Our Xplornet team – employees, investors, dealers and suppliers – remains focused on delivering a great broadband customer experience."
Xplornet added that it recently surpassed 200,000 rural broadband subscribers, successfully rolled out its national 4G wireless and satellite broadband networks, and introduced more affordable service plans.
