Wave Broadband says it has raised $125 million to continue the growth of its West Coast fiber network, and to bolster its commercial services division and its Wave G residential gigabit Internet service. Wave's financing for the expansion consists of a $125 million add-on to an existing first lien term loan.
Wave plans to apply the funding to the continued buildout of its fiber network in Washington, Oregon, and California, along with future acquisitions.
Wave currently has more than 1,000 fiber construction projects underway to serve business and residential customers on the West Coast. New construction is adding more than 100 route miles of owned fiber each month to Wave's network of more than 5,500 route fiber miles, serving markets from the San Francisco Bay area north to the Canadian border.
The company is continuing to expand its Wave G residential Gigabit service, by recently launching in both San Francisco and Portland, OR, complementing its longstanding leadership in Seattle. The company also recently launched Wave G Business to provide symmetrical gigabit Internet connectivity to companies often found on the ground floors of Wave G-serviced residential apartment buildings.
The company also announced two acquisitions, which are separate from the new financing. Wave has acquired two fiber-optic broadband companies: CoastCom, a Newport, OR-based company providing high-speed internet, data, and voice services for businesses on the Oregon Coast and in Central Oregon; and Vancouver, WA-based SawNet, a broadband services provider for businesses, schools, and consumers in the Columbia Gorge region of northern Oregon and southern Washington.
The acquisitions are intended to expand Wave's fiber network and its commercial service offerings in and around Oregon. CoastCom owns more than 250 miles of fiber in Oregon, while SawNet owns more than 100 miles of fiber spanning east from Portland/Vancouver through the Columbia River Gorge. Wave will add those assets to its fiber network, along with CoastCom's more than 150 business customers. CoastCom's and SawNet's combined 55 employees have joined Wave, and the company will invest in additional technology to accelerate local network growth and customer service.