- Wire 3 secures $115 million in credit facility for Florida fibre expansion.
- The funding adds to $300 million raised by the company in the past year.
What happened: Wire 3 raises funds for Florida fibre expansion
Wire 3 has secured a $115 million credit facility, led by Woodforest National Bank, CIBC, and JPMorgan, with Axiom Bank also participating. This funding will support the expansion of its fibre-optic network across Florida. The new facility adds to the $300 million in equity Wire 3 raised in the past year, backed by Oak Hill Capital Partners, which manages six companies across 33 states.
Wire 3 CFO and co-founder Jeff Morse commented, “This credit facility strengthens our capital base and provides liquidity to accelerate our fibre-optic network rollout in Central Florida. With ongoing lender support, we’re well-positioned to extend our reach and connect more communities to fast, reliable internet.”
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Why it is important
The $115 million credit facility is crucial for Wire 3 as it accelerates the company’s expansion in Florida. With this funding, Wire 3 can further extend its fibre-optic network, providing faster and more reliable internet to underserved communities. The backing from major financial institutions like Woodforest National Bank, CIBC, and JPMorgan highlights their strong confidence in the company. This support underscores Wire 3’s growth potential.
This facility adds to the $300 million already raised, underlining the financial stability Wire 3 has built in the past year. As CFO Jeff Morse highlighted, the funding strengthens their capital base and offers the liquidity needed to scale operations. By connecting more areas to fibre, Wire 3 helps bridge the digital divide, supporting the growing demand for high-speed internet in the region. The continued support from lenders positions Wire 3 to meet the future needs of its customers.
