Xplornet Communications Inc., “Canada’s largest rural broadband service provider” today announced the completion of a $158 million private financing transaction to provide access to more rural areas of Canada. The money comes via $148 million of new debt and equity and $10 million in refinanced debt.
Based in tiny Woodstock, New Brunswick, Xplornet calls its service an “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. “Our Xplornet team – employees, investors, dealers and suppliers – remains focused on delivering a great broadband customer experience.”
The money will be spent on Xplornet’s ongoing subscriber growth and to enhance its broadband network to meet consumer demand for higher Internet speeds and greater bandwidth.
The company recently hit 200,000 rural broadband subscribers, rolled out its national 4G wireless and satellite broadband networks and introduced new, more affordable service plans that provide faster speeds of up to 10Mbps.
As Canada’s largest rural broadband service provider, the company says that everyone should have access to the transformative benefits of broadband. It’s service is 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,” wrote the company. “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.”