BRUNSWICK, Ga.--(BUSINESS WIRE)--Jul 1, 2024--
LiveOak Fiber (LiveOak), a regional broadband service provider founded in 2022, today announces that it has secured $250 million in financing underwritten by J.P. Morgan. This funding will be used to supercharge LiveOak’s expansion of its 100% fiber broadband network to underserved communities in the Southeast United States.
Since its founding in June 2022, LiveOak has grown into a regional network operator serving business and residential customers in Bay, Okaloosa, and Walton Counties, Florida, and Camden, Chatham, and Glynn Counties, Georgia. The company has exceeded market expectations, completing 50% of its Georgia and Florida network builds as of May 2024. This includes deploying more than $200 million in investment to date, constructing and lighting more than 1,000 miles of fiber, and unlocking access to educational resources, telehealth services, and economic opportunities previously out of reach in these areas. J.P. Morgan’s financing will enable LiveOak to continue its progress and expand further into new and existing communities.
“We appreciate our financial partners for their support,” said Steve Smith, LiveOak’s Co-Founder and CRO. “As we continue to expand, we remain committed to investing in our markets to provide best-in-class service for our customers and the communities we serve. We are intensifying our focus on these markets and the transformative infrastructure we deliver.”
“We are proud of our progress to build much needed digital infrastructure which supports communities across the Southeast to meet their connectivity needs,” said Jody Craft, CEO at LiveOak. “This financing will be used to continue our expansion in Florida and Georgia as well as the surrounding region. We see this as an important step and shows our team’s continued commitment to growth.”
DC Advisory acted as exclusive Financial Advisor to LiveOak. Clifford Chance acted as legal counsel to LiveOak, and Latham & Watkins acted as legal counsel to the lender.
To learn more about LiveOak Fiber’s network route and services, visit: www.liveoakfiber.com
About LiveOak Fiber:
LiveOak Fiber is a premier all-fiber broadband service provider, dedicated to providing lightning-fast and dependable connectivity to serve communities across Florida and Georgia. LiveOak’s commitment extends beyond connectivity; we invest in the regions we serve, enhancing quality of life and fostering economic development. Discover our ongoing efforts to transform communities at www.liveoakfiber.com, and connect with us on LinkedIn, X, and Facebook to stay updated on our progress.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240701751619/en/
CONTACT: Ilissa Miller
iMiller Public Relations
Tel: 1.914.315.6424
Email:[email protected]
KEYWORD: FLORIDA GEORGIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: NETWORKS INTERNET TECHNOLOGY CARRIERS AND SERVICES TELECOMMUNICATIONS
SOURCE: LiveOak Fiber
Copyright Business Wire 2024.
PUB: 07/01/2024 08:35 AM/DISC: 07/01/2024 08:35 AM
http://www.businesswire.com/news/home/20240701751619/en
