Frost Provides Internet America $2MM Credit Facility
Internet America announced that on October 28, 2013, it obtained a $2 million acquisition credit facility from Frost Bank. The facility will be available to the company to fund as much as 55% to 65% of the costs of its future acquisitions of domestic wireless internet service provider companies.
Billy Ladin, CEO of Internet America, commented, “We are excited to add Frost Bank to our group of partners as we pursue a more aggressive growth strategy. This loan facility and our growing usable cash on hand should allow us to make more acquisitions. We have been working on our operations, systems and procedures since the beginning of 2010 and that has led to continuing improvements in both EBITDA and GAAP profitability along with a stronger balance sheet and cash position. We feel that we are in a good position to increase our growth rate internally and through more aggressive acquisitions. In that regard, today we closed the acquisition of the internet business of UpperSpace Corporation that serves wireless internet customers in the northeast section of Oklahoma and fits well with our existing markets north of UpperSpace in southwest Missouri.”
Internet America is an Internet service provider and a member of WIPSA primarily serving the Texas market and Joplin, Missouri market.