---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-012777"
form_type: "8-K"
ticker: "TCX"
cik: "0000909494"
company_name: "TUCOWS INC /PA/"
filed_at: "2023-05-05T23:59:59+00:00"
generated_at: "2026-06-15T19:01:38.580693+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-012777
- form_type: 8-K
- ticker: TCX
- cik: 0000909494
- company_name: TUCOWS INC /PA/
- filed_at: 2023-05-05T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/909494/000143774923012777/0001437749-23-012777-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/909494/000143774923012777/tcx20230428_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-012777
- JSON: https://secwatch.observer/filing/0001437749-23-012777.json
- Plain text: https://secwatch.observer/filing/0001437749-23-012777.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/909494/000143774923012777/0001437749-23-012777-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.