Griffin Completes Capital Raise for Sting Communications
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.
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.
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.
For more information on this transaction, please contact Thomas G. Whalen, Vice President, at 610.205.6115.