LiveOak Fiber Secures $250 Million to Expand Southeast Fiber Network
July 01 2024 - 7:35AM
Business Wire
J.P. Morgan Underwrites $250M to Provide
Further Impetus to LiveOak Fiber’s Rapid Southeast Expansion
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/
Ilissa Miller iMiller Public Relations Tel: 1.914.315.6424
Email: pr@imillerpr.com