Private investment an endorsement of continued growth in Canadian rural
WOODSTOCK, NB, Oct. 28, 2013 /CNW/ - Xplornet Communications Inc.,
Canada's largest rural broadband service provider, today announced the
successful completion of a $158 million private financing transaction
consisting of $148 million of new debt and equity and $10 million in
refinanced debt. This additional funding from new and existing
investors is an endorsement of Xplornet's unwavering commitment to the
continuing development of rural broadband in Canada.
The financing proceeds will be used to support Xplornet's ongoing
subscriber growth and to enhance its broadband network to meet the
ever-growing consumer demand for higher Internet speeds and greater
"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
Allison Lenehan, President of Xplornet Communications Inc. Lenehan
added, "Our Xplornet team - employees, investors, dealers and suppliers
- remains focused on delivering a great broadband customer experience."
This successful financing follows Xplornet's recent accomplishments of
surpassing 200,000 rural broadband subscribers, successfully rolling
out its national 4G wireless and satellite broadband networks, and
introducing new service plans that are more affordable, with prices
starting as low as $39.99 per month, and that provide faster speeds of
up to 10Mbps.
The securities offered in the private placement have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent U.S. registration or an
applicable exemption from U. S. registration requirements.
About Xplornet Communications Inc.
Xplornet Communications Inc. is Canada's largest rural broadband service
provider. We believe everyone should have access to the transformative
benefits of broadband, so we make our service available everywhere in
Canada, including the hard to reach places. We overcome the challenges
of Canada's vast geography through our deployment of Canada's first
national 4G network, which leverages our hybrid technology network of
fixed-wireless towers on the ground and next-generation satellites in
space. Our customers live in towns, villages, just outside of major
urban centres and in the farthest reaches of the country. Through our
coast-to-coast network of local dealers and professional installers we
connect our customers to all that the Internet has to offer. Xplornet is high-speed Internet - for all of Canada.
Visit us: www.xplornet.com
SOURCE: Xplornet Communications Inc.
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