Xplornet Communications Inc. is pleased to announce that it has successfully completed a $125 million private financing. This additional funding, a combination of debt and equity raised from its existing investors, is an endorsement of Xplornet’s rural broadband strategy and the company’s strong execution. The proceeds from this financing will be used to accelerate the deployment of Xplornet’s national 4G network and to expand network capacity to meet the growing consumer demand for bandwidth.
John Maduri, Xplornet’s Chief Executive Officer commented that: “Xplornet is solving the broadband access divide in rural Canada, and doing so largely with private capital. This new $125 million in financing, following on the $230 million we raised last year, will help ensure that Xplornet has the resources necessary to continue our aggressive growth, and position us for continued success as one of Canada’s leading telecommunications companies.”
This financing follows Xplornet’s recent accomplishments including: being the first Canadian telecommunications company to announce a national 4G network, the acquisition of 100% of the Canadian capacity on both new 4G satellites – ViaSat-1 launched in October and EchoStar XVII (formerly Jupiter) to be launched this summer, and numerous successful P3 initiatives to speed the development of broadband networks in targeted regions across Canada.
