WEB Ting Secures $63 Million in Funding for Fiber Network Expansion
Ting Completes Second Asset-Backed Securitization to Support Network Growth
Funding to Drive Continued Expansion of Ting's High-Speed Fiber Internet Services
Tucows Inc. (NASDAQ: TC), the parent company of Ting Fiber LLC (Ting), announced today that Ting has completed a second asset-backed securitization, raising $63 million to support its ongoing fiber network expansion in the United States.
Key Details of the Securitization
- Series 2024-1 Fixed Rate notes issued with a principal balance of $63 million
- Notes backed by Ting's fiber network assets and future revenues
- Securitization provides Ting with a cost-effective way to raise capital for network expansion
Fiber Network Expansion
The funding from the securitization will be used to continue Ting's expansion of its fiber network, bringing high-speed internet to more communities across the US.
Ting currently operates fiber networks in six states, including Virginia, Colorado, Idaho, Maryland, Maine, and North Carolina, and plans to continue expanding its reach in the coming years.
Benefits of Fiber Internet
Fiber internet offers numerous benefits over traditional broadband technologies, including:
- Symmetrical upload and download speeds
- Ultra-low latency, making it ideal for gaming and video streaming
- Reliability and stability, ensuring uninterrupted connectivity
Ting's Commitment to Communities
Ting is committed to providing affordable, reliable fiber internet access to underserved communities.
The company has a proven track record of working with local governments and community organizations to bring fiber networks to areas that have historically lacked access to high-speed internet.
Source
CNW Group. (2023, February 20). Tucows Announces Timing for Q1 2023. GlobeNewswire News Room. https://www.globenewswire.com/news-release/2023/02/20/2438039/0/en/Tucows-Announces-Timing-for-Q1-2023-Financial-Results.html
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