Cobalt Holdings‘ wholly owned Mexican subsidiary Cobalt Broadband Services closed a substantial credit facility with the Mexico Credit Opportunities Fund II, managed by Credit Suisse Asset Management.
Cobalt Broadband Services will accelerate its development of its 180-kilometer fiber-optic broadband network from Cancun to Tulum – one of the fastest growing tourism destinations in the world. The company’s GigNet branded network offers hotels and resorts and their customers internet services and network security.
In addition, a 5,000-square-foot facility in Cancun will be completed to serve as the company’s primary sales and marketing office and network operations center.
“This financing accelerates market entry to provide both managed services to hotels and resorts and wholesale bandwidth to other carriers and enterprises in the region. Together, these segments are projected to create strong revenue growth and sustainable cash flow,” said Paul A. Moore, chairman and CEO of Cobalt Holdings.
Credit Suisse Asset Management is a business within Credit Suisse’s International Wealth Management division.
Cobalt Holdings, through its subsidiaries Cobalt Broadband Services and Sanalto Redes Peninsular, is a licensed telecommunications provider in Mexico.
