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Birch Communications Adds CoBank to Lending Group

February 12, 2013, 07:11 AM
Related: CoBank, Syndications

Birch Communications,an IP-based telecom and managed services provider to small- and medium-sized businesses, announced CoBank is now a syndicated lender in Birch's senior secured credit facility. CoBank's commitment of $12 million will increase the capacity of the company's senior credit facility and provides additional funding capacity for Birch to continue to pursue accretive acquisitions.

"We are very pleased to begin a partnership with CoBank," noted Edward James , Birch's chief financial officer. "We see this support as an affirmation of our business model, leadership team and continued growth strategy. We're looking forward to an exciting 2013 as we continue to take advantage of our firm financial footing and continue to grow our business."

"We appreciate our new partnership with Birch and commend them for the leadership position they have built in the competitive telecom sector," said Kevin Oliver , CoBank vice president. "Birch's IP-Network expansion and numerous acquisitions have enhanced communications service throughout their service footprint, including many of the communities our bank is chartered to serve. We congratulate Birch on their continued growth and look forward to additional opportunities in the future."

"Our senior secured credit facility syndication group has added a key member with CoBank," said Vincent M. Oddo , Birch's president and chief executive officer. "The progress in our financing initiatives underscores the fact that the financial markets continue to be confident in Birch's fundamental stability and growth potential. For those reasons and more we are very pleased to call CoBank our new financing partner."

Headquartered in Atlanta, Birch Communications provides managed communications and information technology services to a target market of small- and medium-sized businesses in select metropolitan areas within 38 states across the United States.

CoBank is a $90 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states.

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