Tucows' Ting subsidiary closes $239M asset-backed securitization for fiber network expansion

TUCOWS INC /PA/

Issued $239M in secured notes: $168.4M Class A-2 (5.95%), $23.3M Class B (7.40%), $46.9M Class C (9.95%).
Weighted average coupon 6.9%; effective yield 8.2% after original issue discount.
Proceeds fund fiber network expansion, redeem $31.0M Series A Preferred Units, and general corporate purposes.
Contributed Markets include 96,000 serviceable addresses and 35,000 customers across six U.S. states.
Securitization structured as master trust; allows future additions subject to customary conditions.

item 1.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TUCOWS INC /PA/ entered into Base Indenture with Citibank, N.A. (effective 2023-05-04).

Action: entry
Agreement: notes offering
Counterparty: Citibank, N.A.
Effective: 2023-05-04

Exact text from the filing

On May 4, 2023 (the " Closing Date " ) , Tucows Inc. (the "Company," "we," "our," or "us") through certain of its indirect and wholly owned subsidiaries, including Ting Fiber, LLC, entered into a definitive agreement relating to a securitized financing facility related to a privately placed securitization transaction.

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TUCOWS INC /PA/ filing history →

Source: SEC EDGAR

accession 0001437749-23-012777

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