Funds to Be Used for New Product Development and Network Extensions to Serve Major Customers
CANCUN, Mexico–(BUSINESS WIRE)–Cobalt Broadband Services S.A. de C.V., a wholly owned operating subsidiary in Mexico of GigNet, Inc., announced today that based on progress to date, Mexico Credit Opportunities Fund II, managed by Credit Suisse Asset Management, has agreed to increase the funds available under a credit facility established one year ago. The Company used the initial funding to complete a 200-kilometer fiber-optic network in the Mexican Caribbean and began serving customers in 2019.
“Credit Suisse Asset Management is pleased to announce that we have been successfully working with GigNet for the past year in helping transform the telecommunications industry in Quintana Roo by setting new standards in infrastructure, fast and reliable broadband and managed, consultative, customer services,” said Andres Borrego, Managing Director and Head of Credit Suisse Asset Management for Mexico. “GigNet’s aim is to provide 100% satisfaction to both the 30 million visitors and cruise passengers each year to the area as well as the hospitality companies that represent over 100,000 hotel rooms. Clients of GigNet have expressed notable increases in customer satisfaction ratings on social media platforms and increased operational revenues. We are impressed with GigNet’s progress to date and we are increasing our financial commitment to GigNet to enable the Company to serve even more world class customers in the region.”
The Company’s GigNet branded network is a 200-kilometer fiber-optic network from Cancun to Tulum, with additional network extensions and commercial loops to bring secure, high-speed broadband to hospitality customers and enterprises in the region. The network, which was built and commissioned on-time and under-budget, features a local network operations center and numerous access points for ease of customer activation and network management. GigNet offers hotels and resorts and their customers Internet speeds, service quality, and network security never before offered in the Mexican Caribbean.
Paul A. Moore, Chairman & Chief Executive Officer of GigNet, Inc., stated, “This funding from Credit Suisse Asset Management in Mexico shows confidence in our strategy and implementation over the past 12 months, and is a vote of confidence for the entire GigNet team. These additional funds will be used primarily to extend our network to additional concentrations of major customers in the region, and also for product development, as we expand our service offerings to meet high and growing demand from our hospitality and enterprise customers as a digital infrastructure provider.”
About Credit Suisse Asset Management (CSAM): CSAM is a leading alternative asset manager in Mexico. The business has raised three trusts to date, which invest in a variety of alternative assets, including private credit, private equity and commercial real estate lending. The Mexico Credit Opportunities Trust II is managed by Banco Credit Suisse (México), part of the Credit Suisse Asset Management business in Mexico, and invests to bolster the mobilization of resources to mid-sized enterprises.
About GigNet, Inc. (formerly Cobalt Holdings, Inc.): GigNet, Inc., through its Mexico operating subsidiaries, Cobalt Broadband Services S.A. de C.V. and Sanalto Redes Peninsular S.A.P.I de C.V, is a digital infrastructure provider in Mexico. The Company has completed a 200-kilometer fiber-optic broadband network in the Mexican Caribbean, one of the largest and fastest growing tourism destinations in the world, with 500 hotels and resorts and 160,000 hotel rooms, supported by more than 30 million annual visitors and cruise ship passengers.
This article published with permission from Business Wire