Ubiquity Hits a Milestone with $420 Million Financing for Fiber Expansion
Charlotte is buzzing with excitement as a local telecommunications company, Ubiquity, just secured a whopping $420 million in financing! This significant cash injection is set to supercharge their mission to bring high-speed internet to communities that have been left in the digital dust across four important markets: Texas, California, Arizona, and Nebraska.
Bringing Connectivity to the Underserved
The primary goal of this funding is to expand Ubiquity’s open-access fiber networks. What does that mean for you? Well, it means that many areas, particularly those with underserved communities and businesses, will soon have access to reliable, buzzing fast internet. Ubiquity is all about making sure everyone can get connected and do so with a commitment to sustainable development.
A Deep Dive into the Funding
Ubiquity’s financing journey includes the closing of a $275 million green construction credit facility, arranged by the financial powerhouses—Goldman Sachs Group Inc. and Nomura Holdings Inc. Alongside that, there’s an expanded $145 million green revolving credit facility being managed by Woodforest National Bank, teamed up with other lenders. It’s like Ubiquity hit the jackpot with backers that really believe in their vision.
“The continued support from our investors and lenders will facilitate the efficient deployment of capital into Ubiquity’s core markets and delivery of best-in-class broadband to the customers and communities we serve,” shared Ubiquity’s co-CEO, Jamie Earp, with a sense of enthusiasm.
Sustainability at the Core
Now, here’s the cherry on top: Ubiquity is serious about doing things the right way! The funding aligns with the Green Loan Principles and is backed by standards set by Generate Capital PBC and 1248 Holdings. This underscores their commitment not just to connectivity but also to sustainable infrastructure development.
Shaping the Future of Connectivity
Founded in 2019, Ubiquity is shaking things up in the digital connectivity scene in the United States. They bring a unique open-access model to the table—offering flexibility and scalability with fiber networks that cater to multiple tenants. With their offerings of both lit and dark fiber solutions, they’re addressing diverse needs from residential to business and carrier level.
“Since our inception, Ubiquity’s unique vision and ability to deliver open-access fiber networks at scale continues to deliver value to stakeholders through rapid deployment and customer acquisition,” said Ajay Ghanekar, Ubiquity’s co-CEO. It’s evident they aren’t just connecting homes but also connecting communities.
Making Waves in the Industry
Ubiquity’s success story doesn’t stop there. They’ve already connected hundreds of thousands of locations in their core markets, flying high as one of the largest privately financed fiber-to-the-premise developers in the U.S. Their ambitious plans got a significant boost with a recent collaboration with AT&T to integrate them as a tenant within Ubiquity’s existing networks and explore exclusive fiber builds in new areas. Talk about a power play!
The Road Ahead
The news has been welcomed with open arms, and anticipation is bubbling over as Charlotte’s very own Ubiquity looks ahead into the future. With their commitment to connecting people and communities sustainably, the hope is that no one gets left behind. The countdown is on to watch how these new funds and partnerships will revolutionize the way people and businesses connect—who knows, the next internet sensation might just come from one of these newly connected neighborhoods!
