FiberLight has announced that it has completed a private debt offering of an additional $22 million. CoBank, a national cooperative bank that finances communications and other vital industries, will provide debt comprised of a $20 million note and a $2 million increase in the revolving line of credit. The additional debt offering, together with the initial offering in 2009, represents a combined value of $35 million in funded or committed capital.

"FiberLight has leveraged its financial discipline and strong EBITDA to enable unparalleled growth in the last few years. In 2009, FiberLight more than doubled annual revenue and nearly tripled the bottom line from the previous year," said Kevin B. Coyne, President and COO of FiberLight. "CoBank and our primary investor, Thermo Capital Companies, realize FiberLight's market value. Ongoing financial support will enable our company to solidify our marketplace position and fully capitalize on our strength as a company, both in terms of expanding our revenue capacity and developing untapped opportunities represented in our extensive fiber footprint." Net proceeds of the debt offering will be used by FiberLight to continue to grow profitably at a rate above many in the industry, while cash will be invested in new network opportunities around the Baltimore/Washington, D.C./Maryland region. The area represents a strong growth market for FiberLight as its network expands beyond a 400-mile route linking high-bandwidth demand areas in the greater regional marketplace.

"We at FiberLight will continue to position our company for additional enterprise, government and carrier opportunities as we rapidly deploy new networks and secure new markets in 2010 and 2011," Mr. Coyne said. "The debt offering will be utilized for continued high margin revenue opportunities and future acquisitions, which will provide us with the strong financial platform required to pursue new opportunities." This is the second round of financing CoBank has provided to FiberLight, which started working with the bank in 2009.

"We're pleased to be working with FiberLight as they continue to grow their business and leadership position in the industry," said Kevin Oliver, CoBank vice president and senior relationship manager.