Xplornet Communications, formerly Barrett Xplore, has successfully completed a $230-million round of private financing.
One of the largest Canadian telecom financing announcements this year, the funds will be used to “support and aggressively expand Xplornet’s broadband network across Canada to the 2.4 million households that do not have access to real, affordable broadband.”
“This is an investment in rural Canada that will be nothing less than transformative,” said Xplornet’s Chief Executive Officer John Maduri. “This will allow us to complete a job we started 6 years ago -bringing affordable broadband to every Canadian who wants it, no matter where they live. That is a monumental accomplishment in the telecom industry. Not only is this a ringing endorsement of our business model, it will permit an historic leap forward toward the full digital engagement of rural Canadians.”
This funding comes on the heels of Xplornet’s recent announcement that it started activating its new national 4G network. The company plans to reach 100 percent of Canadians with broadband by the end of 2012.
“Wireless is the future of digital telecommunications,” said John, “and only Xplornet has invested this significantly in a hybrid satellite and fixed wireless network for Canada. The fact that we can reach anyone on the second largest country on Earth – despite all the geographic and topographic difficulties—at an affordable price to customers—proves that wireless is the answer to Canada’s rural broadband challenge.”
Gerry O’Reilly, Chief Financial Officer for Xplornet added, “This funding, which includes a very attractive refinancing of some existing debt, will enable Xplornet’s continued aggressive growth in rural Canada, and position us for continued success as one of Canada’s leading telecommunications companies.”