Private investment an endorsement of continued growth in Canadian rural broadband
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 bandwidth.
"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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