Company Overview
Sting Communications is one of the fastest growing service providers
of broadband and managed-IP services for the education, commercial
and rural residential markets in Pennsylvania. The Sting network allows
customers to combine data, voice and IP-video through a single interface.
Situation
Sting Communications entered into a number of contracts in 2007
and 2008 that required substantial capital investment to complete
the infrastructure for its network. The existing capital structure
and debt availability was insufficient to allow Sting to complete
the infrastructure build and continue on its growth strategy.
Solution
Griffin was engaged by Sting to raise the capital necessary
for the company to complete its existing projects plus provide
additional capital for projects in the pipeline. By running a capital
raising process using Griffin's extensive contacts with senior
debt providers and mezzanine sources, Griffin was able to successfully
raise $22 million for Sting.
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For more information on
this transaction, please contact David
M. McCanney, Managing Director, at 610.478.2142 or Thomas
G. Whalen, Jr., Vice President, at 610.205.6115. For more information
on Griffin’s services in general, contact any one of our investment
banking professionals.
Griffin is an investment bank providing merger and acquisition,
institutional private placement, and management buyout advisory
services, including related structuring, research and analysis,
and competitive capital raise or sale process management. Griffin
is licensed by FINRA (formerly NASD) and is a SIPC member. |
