Tech Valley Communications, a provider of voice and data services to the business enterprise market announced today that it received a $10.6 million senior credit facility from TD Banknorth. Proceeds from the financing will be used to provide capital for continued expansion of the company's 425 route mile fiber optic network and broadband wireless deployment and to restructure the Company's balance sheet by paying down certain legacy high interest rate shareholder notes.
"Tech Valley Communications has made steady progress in rebuilding the telecommunications infrastructure necessary to support the growth of technology businesses and other large customers in the Tech Valley region," stated Tech Valley Communications CEO, Kevin O'Connor. "This new facility from TD Banknorth will position the company to continue to build out our network and provide state of the art wireless and fiber-based voice and data and managed services essential to the region's competitiveness to more customers. We are fortunate to have as our partners TD Banknorth, who have taken the time to understand and appreciate our business model and provide the growth capital to continue to increase shareholder value."
Q Advisors LLC, a Denver-based investment bank, acted as exclusive financial advisor to Tech Valley Communications in connection with the debt financing and has been advising the Company on its ability to capitalize on strategic opportunities in today's market environment.
Tech Valley Communications, headquartered in Albany NY, is the region's preeminent provider of voice, data and related services over its advanced FirstLight fiber optic network. Focusing exclusively on business enterprise and high demand customers, Tech Valley Communications owns and operates a network of over 425 route miles and over 32,000 strand miles of fiber optic cable connecting 340-plus commercial office buildings serving more than 900 customers in the Tech Valley Region of Upstate New York. Tech Valley Communications has received the NYS Public Service Commission's Commendation for Excellent Service for each of the past three years.
"Tech Valley Communications has made steady progress in rebuilding the telecommunications infrastructure necessary to support the growth of technology businesses and other large customers in the Tech Valley region," stated Tech Valley Communications CEO, Kevin O'Connor. "This new facility from TD Banknorth will position the company to continue to build out our network and provide state of the art wireless and fiber-based voice and data and managed services essential to the region's competitiveness to more customers. We are fortunate to have as our partners TD Banknorth, who have taken the time to understand and appreciate our business model and provide the growth capital to continue to increase shareholder value."
Q Advisors LLC, a Denver-based investment bank, acted as exclusive financial advisor to Tech Valley Communications in connection with the debt financing and has been advising the Company on its ability to capitalize on strategic opportunities in today's market environment.
Tech Valley Communications, headquartered in Albany NY, is the region's preeminent provider of voice, data and related services over its advanced FirstLight fiber optic network. Focusing exclusively on business enterprise and high demand customers, Tech Valley Communications owns and operates a network of over 425 route miles and over 32,000 strand miles of fiber optic cable connecting 340-plus commercial office buildings serving more than 900 customers in the Tech Valley Region of Upstate New York. Tech Valley Communications has received the NYS Public Service Commission's Commendation for Excellent Service for each of the past three years.
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