WildBlue Reveals Terms, Purpose of $50 Million Financing
[Satellite Today 09-08-08] WildBlue Communications Inc. will use $50 million in equity financing to boost customer services and not to pay debt.
The terms of the financing, led by Liberty Media, Intelsat, the National Rural Telecommunications Cooperative and the private equity firm of Kleiner, Perkins, Caufield and Byers, were not disclosed. However, WildBlue CFO Mark Adolph told Satellite News that terms involved his company restructuring the provisions of its debt instruments and providing proof of additional equity support in WildBlue’s business.
“Our creditors know that we are growing our customer service to keep up with the growth of business, which is rapid,” said Adolph. “… Primarily, the funds will be spent to purchase the equipment that will be leased by customers through our new equipment lease program. This is to provide our services at the cheapest rate possible.”
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