LiveOak Fiber (LiveOak), a regional broadband service provider founded in 2022, has announced a significant milestone in its growth journey. The company has secured $250 million in financing underwritten by J.P. Morgan, which will be utilized to accelerate the expansion of its 100% fiber broadband network to underserved communities in the Southeast United States.
Since its inception, LiveOak has rapidly grown into a regional network operator, serving both business and residential customers across Bay, Okaloosa, and Walton Counties in Florida, as well as Camden, Chatham, and Glynn Counties in Georgia. The company has exceeded market expectations, having completed 50% of its network builds in Georgia and Florida by May 2024. With an investment of over $200 million to date, LiveOak has successfully constructed and lit more than 1,000 miles of fiber, providing essential access to educational resources, telehealth services, and economic opportunities that were previously out of reach for these communities.
The newly secured financing from J.P. Morgan will enable LiveOak to continue its remarkable progress and further extend its services to new and existing communities.
“We appreciate our financial partners for their support,” said Steve Smith, LiveOak’s Co-Founder and CRO. “As we continue to expand, we remain committed to investing in our markets to provide best-in-class service for our customers and the communities we serve. We are intensifying our focus on these markets and the transformative infrastructure we deliver.”
Jody Craft, CEO of LiveOak, added, “We are proud of our progress to build much needed digital infrastructure which supports communities across the Southeast to meet their connectivity needs. This financing will be used to continue our expansion in Florida and Georgia as well as the surrounding region. We see this as an important step and shows our team’s continued commitment to growth.”
DC Advisory acted as the exclusive Financial Advisor to LiveOak, with Clifford Chance serving as legal counsel to LiveOak and Latham & Watkins as legal counsel to the lender.
For more information about LiveOak Fiber’s network route and services, visit www.liveoakfiber.com.
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