FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / Press Releases / Read Press Release


GE Capital, Webster Provide TVC With Expanded Facility

July 10, 2013, 07:49 AM
Filed Under: Communications

Tech Valley Communications (TVC), a portfolio company of Riverside Partners, and facilities-based telecommunications service provider operating fiber optic networks in Upstate New York and Northern New England with connectivity to Canada, announced it has secured a new debt facility through GE Capital, with Webster Bank as the co-lender. The company will use the proceeds to pursue both strategic and organic growth opportunities, including support for M&A activities, capital expenditures for further network expansion, and new service rollouts.

"This new credit facility helped fund our recent acquisition of the TelJet Longhaul fiber network in Vermont and allows us to accelerate the Company's expansion plans as we continue to build out our network and seek additional acquisition targets," stated Kevin O'Connor, chief executive officer and co-founder of Tech Valley Communications.

"We are pleased to have secured this facility. Riverside Partners and GE Capital have a long standing and close working relationship, and we are pleased to have them and Webster Bank supporting us in our Tech Valley investment," said Steven F. Kaplan, general partner at Riverside Partners. "The new credit facility was used to refinance our existing indebtedness, fund the TelJet acquisition and create a solid foundation for Tech Valley's continued growth."

Tech Valley Communications, headquartered in Albany, NY, provides fiber optic data, voice, and high-speed Internet services to enterprise, carrier and wholesale customers in Upstate New York and Northern New England with connectivity to Canada utilizing its own FirstLight fiber optic network which spans over 190,000 fiber miles connecting in excess of 1,300 lit buildings.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.