Pipe gets $10m funding from ANZ

Stuart Corner
Wednesday, 19 April 2006 19:39

IT Industry - Strategy

See also: Pipe Networks' $6.5m issue over-subscribed
             Pipe Networks reports healthy profit

Dark Fibre provider, Pipe Networks, has secured additional funding facilities up to $10 million from the ANZ Bank, following it raising $6.5 million from a rights issue in February.

Dark Fibre provider, Pipe Networks, has secured additional funding facilities up to $10 million from the ANZ Bank, following it raising $6.5 million from a rights issue in February.

Managing director, Bevan Slattery, said the new facility would give the company access to capital to grow in light of recent significant contract wins, and flexibility to pursue profitable strategic opportunities by leveraging its growing asset base.

Pipe Networks expects to expand its fibre network in the CBD areas of Brisbane, Sydney and Melbourne from 170kms of cable at the end of December 2005 to over 400kms by July 2006, and says this growth will provide significant opportunities for accelerating revenues from its dark fibre service offering. Its average fibre count is 160 fibres per cable.

Customers for its dark fibre service include: iiNet, Netspace, Virgin Blue, Flight Centre, WebCentral, ABN AMRO Morgans, Bechtel, Rio Tinto and Queensland Rail.