Tuesday, January 5, 2010

North Carolina's Conterra Ultra Broadband Raises $25 Million from Goldman Sachs

North Carolina-based Conterra Ultra Broadband Holdings completed a $25 million senior preferred stock offering led by The Goldman Sachs Group. Conterra is an alternative access transport carrier that, through its subsidiaries, provides managed, fiber-class broadband solutions to approximately 1,000 commercial sites in 17 states.

Other investors were The Circumference Group, LLC, an Arkansas based advisory and investment firm comprised of former Alltel Wireless corporate executives, and Conterra's Chairman and CEO, Stephen Leeolou. Proceeds from the offering will be used to fund new network deployments that will enable Conterra to provide high-speed broadband transport services to its growing base of wireless carrier, education, healthcare and government customers primarily in rural, underserved regions of the United States.

"The addition of this substantial equity capital strengthens our balance sheet and will allow us to continue to aggressively rollout our hybrid, fiber/microwave, video, data and voice transport networks in virtually any location on a nationwide scale," noted Mr. Leeolou. "In addition to their investment, we believe that Goldman Sachs' and Circumference Group's insights and corporate development experience in the telecom industry will also add value to our company," added Mr. Leeolou.

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