Chicago, IL. Nixon Peabody advised broadband developer Cobalt Holdings, Inc. (Cobalt), through its Mexico-based operating subsidiary Cobalt Broadband Services S.A. de C.V., in securing a credit facility toward the expansion of broadband infrastructure in the Mexican Caribbean.
Cobalt, through its GigNet network, is a major provider of managed services, with a focus on the tourism sector in the Mexican Caribbean. The region is a major tourist destination, with more than 23 million visitors expected this year.
The substantial credit facility will enable the development of a fiber-optic broadband network, stretching 180 kilometers between Tulum and Cancun, to enhance the company’s Internet and wifi service offerings to resorts and hotels, in addition to enterprises and other carriers, in the region. It will also be used toward the completion of a 5,000-square-foot facility in Cancun’s business district, which will double-function as Cobalt’s network operations center and primary sales and marketing office.
The credit facility was made by Mexico Credit Opportunities Fund II and will be managed by Credit Suisse Asset Management.
Nixon Peabody’s deal team was led by private equity partner Gary Levenstein and included global finance partner Rob Drobnak, corporate associate Neil Connolly and global finance associate Josh Scarborough.
For further information, please see the press release: “Cobalt Broadband Services Closes Major Financing with Credit Suisse Asset Management”