Tech Valley telecom gets new debt facility from GE Capital, Webster
GE Capital, along with co-lender Webster Bank, provided a new debt facility to Tech Valley Communications to fund its network expansion and infrastructure plans, enhanced support for its services and new service rollouts.
Details of the financial agreement were not disclosed though.
Kevin O'Connor, CEO of Tech Valley Communications (TVC), said in a statement that both GE Capital and Webster Bank were instrumental in allowing the company to acquire TelJet Longhaul fiber network in Vermont.
The new credit window, he said, also allows them to continue to build its network and "seek additional acquisition targets."
New York-based TVC is a portfolio company of the private equity firm, Riverside Partners, and provides fiber optic, voice and Internet services through its network of over 190.000 fiber miles connecting 1,300 buildings.
Steven F. Kaplan, general partner over at Riverside, said that they have a long-standing partnership with GE Capital and this new endeavour is just a manifestation of that relationship.
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