Charlesbank Capital Partners, LLC Invests in C1 Communications.BOSTON--(BUSINESS WIRE)--Dec. 1, 1999-- Charlesbank Capital Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control announced that it will invest up to $20 million ($30.5 million Canadian) to finance the expansion of C1 Communications, a competitive local exchange carrier (CLEC (Competitive Local Exchange Carrier) An organization offering local telephone service that is not one of the traditional telephone companies. The Telecommunications Act of 1996 allowed competition to the incumbent telcos (ILECs), enabling new companies (CLECs) ) in the Canadian telecommunications market. The funding will enable C1 to deploy a national network of high-speed data and voice communications services to targeted small and medium-sized businesses nationwide. The initial financing, including $14 million from Charlesbank, will total $40 million ($60 million Canadian) and includes investments from Alta Communications. Concurrently, C1 also received debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay from GE and Cisco. C1 Communications, which recently established headquarters in Toronto, is a rapidly growing provider of integrated communications services in Canada. By using state-of-the-art network technologies such as the digital subscriber line See DSL. (communications, protocol) Digital Subscriber Line - (DSL, or Digital Subscriber Loop, xDSL - see below) A family of digital telecommunications protocols designed to allow high speed data communication over the existing copper telephone lines between end-users and (DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary ) and an integrated voice and data internet protocol (IP) packet-switched network, the company aims to become a leading alternative facilities-based provider of telecommunications services in Canada. "C1 presents an opportunity to invest in a rapidly growing industry, working with a seasoned, talented management team," says Tim Palmer, Managing Director, Charlesbank Capital Partners. "We witnessed this team's success in competitive telephony within Fundy Communications--one of our previous investments--and we are confident in their ability to expand to new markets and meet the increased demand for greater speed, functionality and range of communication services." Charlesbank Capital Partners, LLC is a private investment firm with more than $2 billion of capital committed to acquisition and financing for growing companies and developing real estate assets. The firm has offices in Boston and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . |
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