CHARLOTTE, N.C. – Conterra Broadband has secured as much as $94 million in new financing from a consortium of financial institutions that includes Bank of America.

The credit facilities are available over five years.

The company plans to use the funds to expand its network.

According to Conterra, it has “positive cash flow” as well as reserves remaining from $25 million in equity it raised in 2010.

“We expect the demand for high-quality, high-bandwidth telecom transport services to soar over the next several years, particularly in rural areas of the country where rapid and reliable internet access is often still far behind that which is available in urban areas,” said Conterra’s Chairman and Chief Executive Officer Steve Leeolou in a statement. “We believe that having decades of proven telecom expertise and the funding in-hand to meet the tightening rollout schedules of these capital intensive broadband network projects give Conterra a unique and sustainable competitive advantage in the rural broadband marketplace.”

Conterra operates across 20 states in rural areas, building and maintaining a network that includes fiber as well as microwave components.

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