Xplore has reached a framework agreement to raise new debt and equity financing sufficient to fully fund the company’s ongoing and planned build-outs of fibre-to-the-home broadband networks in rural communities across CanadaThe investment will also enable the company to continue to upgrade its fixed wireless networks to provide world-class 5G-powered serviceXplore’s existing shareholder Stonepeak and certain of Xplore’s lenders will lead the investment, and Xplore’s other lenders will have the opportunity to participate on substantially similar terms
MARKHAM, ON, June 3, 2024 /CNW/ – Xplore Inc., a leading provider of broadband services to rural communities across Canada, today announced that it has reached an agreement in principle for new debt and equity financing to fully fund its expansion of large scale fibre-to-the-home networks across Canada and the upgrade of its fixed wireless networks to 5G technologies.
“We are excited about this investment, which will enable Xplore to provide world-class broadband to even more rural communities across Canada,” said Fran Shammo, Xplore’s Executive Chairman. “This agreement represents a meaningful positive milestone for Xplore and will provide significant benefits to our customers and other key stakeholders.”
The financing will fund the construction of fibre-to-the-home networks in rural communities across Canada. Over the next several years, Xplore expects to offer gigabit speed fibre-to-the-home broadband services to more than 400 thousand homes, making it the largest independent fibre broadband provider serving rural Canada. Additionally, the investment will support the upgrade of the company’s fixed wireless networks to 5G-enabled technology.
“Xplore remains focused on building high-quality fibre broadband networks across rural Canada, in coordination with our government partners. With this investment, Xplore’s expanded fibre networks will provide life-changing internet access to even more underserved areas.” said Rizwan Jamal, Xplore’s President and CEO. “Enabled by its market-leading spectrum portfolio and best-in-class Canada-based teams, Xplore is excited to roll out world class 5G-enabled fixed wireless technologies across its footprint. We are thrilled at the speeds we’re going to be able to offer all of our customers.”
Xplore has chosen to utilize the Canada Business Corporations Act (CBCA) statute to implement the transaction, and earlier today the company commenced a proceeding under the CBCA. Xplore expects to finalize the investment over the coming weeks.
About Xplore Inc.
Xplore Inc. is Canada’s fibre, 5G and satellite broadband company for rural living. Xplore is committed to the relentless pursuit of an improved broadband experience for all Canadians. Xplore is building world-class fibre optic and 5G wireless networks to enable innovative broadband services for better every day rural living, for today and future generations.
SOURCE Xplore Inc.
