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Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) is a prominent provider of broadband and business communication services across 23 states in the United States. Leveraging its extensive fiber optic network that spans an impressive 45,850 fiber route miles, the company delivers a wide array of communication solutions aimed at both consumers and businesses of all sizes. These services include data, voice, video, managed services, cloud computing, and wireless backhaul.
Headquartered in Mattoon, Illinois, Consolidated Communications serves a diverse range of customers. Its business product suite encompasses data and Internet solutions, voice services, data center services, security services, managed and IT services, and an expanded suite of cloud services. Additionally, the company provides wholesale solutions to wireless and wireline carriers and other service providers, including data, voice, network connections, custom fiber builds, and last-mile connections.
For residential customers, Consolidated Communications offers high-speed Internet, video, phone, and home security services. The company also provides multi-service bundles tailored for residential and small business needs.
Recent achievements of Consolidated Communications include significant advancements in their fiber network infrastructure, enhancing the speed and reliability of their services. Current projects involve expanding their fiber network to underserved areas and introducing innovative solutions to meet the evolving needs of their clientele.
Financially, Consolidated Communications maintains a stable position, continually investing in infrastructure and technology to ensure long-term growth and customer satisfaction. The company's strategic partnerships and continuous innovation highlight its commitment to providing top-tier communication services.
Consolidated Communications (CNSL) has secured an initial $350 million investment from Searchlight Capital Partners as part of a total commitment of $425 million. The investment will enhance liquidity and support fiber expansion, aiming to deliver broadband services to over 1 million customers. The company completed a global refinancing, raising $2.25 billion in secured debt, which improves its leverage profile and extends debt maturities to late 2027. Following the investment, the company expects to see significant growth in revenue and operational flexibility.
Consolidated Communications (NASDAQ: CNSL) has partnered with Pax8 to enhance its cloud service offerings for business customers. This collaboration aims to deliver an array of cloud solutions, including productivity, security, and disaster recovery services. The partnership focuses on simplifying the order and fulfillment process, thereby shortening the provisioning timeline. According to Doug Abolt, vice president of commercial product management, this strategy promises a better buying and installation experience at competitive prices, leveraging Pax8's streamlined platform for efficient customer service.
Consolidated Communications (CNSL) announced the pricing of a $750M offering of 6.500% senior secured notes due in 2028. The notes, priced at par, will provide gross proceeds for refinancing existing debt and costs related to a strategic investment from Searchlight Capital Partners. This offering is $250M less than previously expected and will close around October 2, 2020. These notes will not be registered under the Securities Act and are available only to qualified institutional buyers. The company warns of potential risks, including the impact of COVID-19 and uncertainties related to the planned investment.
Consolidated Communications (NASDAQ: CNSL) announced flexible broadband Internet plans tailored for small and medium-sized businesses, featuring simplified pricing without data limits. The new FiberConnect plans offer symmetrical upload and download speeds up to 1 Gig, while BizConnect plans deliver speeds of up to 100 Mbps. These plans include 30-day money-back guarantees and 24/7 technical support. Businesses can choose flexible contract lengths of up to three years, benefiting from locked-in pricing. Consolidated's fiber network spans 46,000 miles, positioning it among the top 10 fiber providers in the U.S.
Consolidated Communications Holdings (NASDAQ: CNSL) announced a plan to offer $1 billion in Senior Secured Notes due 2028 through its subsidiary, Consolidated Communications, Inc. The proceeds will be used to redeem existing 6.50% Senior Notes due 2022, repay debt under its credit facility, and cover related fees. The offering targets qualified institutional buyers and follows regulatory guidelines. The company's advanced fiber network supports its service offerings across 23 states, enhancing connectivity and technology solutions for various sectors.
Consolidated Communications announced a strategic investment of $425 million from Searchlight Capital Partners to bolster its fiber infrastructure. This investment will significantly reduce net debt by $325 million and extend maturity schedules for its existing $2 billion debt, enhancing liquidity. The company expects to reach a net leverage ratio of 3.5x following the investment, improving service delivery to 1.4 million customers and increasing 1Gbps coverage. The first stage of the investment is set to close soon, with further regulatory approvals required for the second stage.
Consolidated Communications (CNSL) has initiated the development of five new fiber networks in Cheshire County, N.H., partnering with local towns to enhance broadband access. The $13 million project, funded by a $4 million company investment, aims to provide fast, reliable internet to all homes and businesses in Dublin, Harrisville, Rindge, Walpole, and Westmoreland. Construction is set to begin with order fulfillment by early 2021. The initiative highlights the importance of dependable broadband for remote work and education, particularly during the pandemic.
Consolidated Communications (NASDAQ: CNSL) has announced an $18 million investment to enhance broadband services in New Hampshire. The company received $3.5 million in grants to build fiber-to-the-premises Internet networks in Danbury, Springfield, and Mason, benefiting over 2,500 residents. Consolidated has invested more than $112 million in the last two years to improve connectivity in rural areas. The initiative is part of the Connecting New Hampshire - Emergency Broadband Expansion Program, aimed at addressing increased Internet demands due to COVID-19.
Consolidated Communications Holdings reported stable financial performance in Q2 2020, with revenue of $325.2 million and Adjusted EBITDA of $133.1 million, up 1.3%. Consumer Broadband revenue grew by 2.3%, marking the fifth consecutive growth quarter. Operating expenses were reduced by $17.6 million, resulting in improved net debt leverage of 4.14x. Free cash flow increased by $39.4 million for the quarter and $89.3 million year-to-date. Despite a 2.5% decline in total revenue compared to last year, net income turned positive at $13.9 million.
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