Funds to be used for new product development and network extensions to serve major customers.
August 13, 2019, Cancun, Quintana Roo, Mexico – Cobalt Broadband Services S.A. de C.V. (CBS), a wholly owned operating subsidiary in Mexico of GigNet, Inc. (GigNet), announced today that based on progress to date Mexico Credit Opportunities Fund II, managed by Credit Suisse Asset Management, has agreed to disburse additional funds available in accordance with a credit facility established in May 2018. The Company used the initial funding to complete a 200-kilometer fiber-optic network in the Mexican Caribbean and began serving customers in 2019.
“We are pleased to strengthen our financial partnership with GigNet, in order to enable it to expand its network to serve more world-class customers in the area. GigNet’s aim is to provide 100% satisfaction to the guests and cruise passengers that visit the Mayan Riviera each year. We understand that clients of GigNet have expressed notable increases in customer satisfaction ratings on social media platforms and increased operational revenues,” said Andres Borrego, Managing Director and Head of Credit Suisse Asset Management for Mexico.
The Company’s GigNet-branded network is a 200-kilometer fiber-optic network from Cancun to Tulum, with additional network extensions and commercial loops to bring secure, high-speed broadband to hospitality customers and enterprises in the region. The network, which was built and commissioned on time and under budget, features a local network operations center and numerous access points for ease of customer activation and network management. GigNet offers hotels and resorts and their customers Internet speeds, service quality, and network security never before offered in the Mexican Caribbean.
Paul A. Moore, Chairman & Chief Executive Officer of GigNet, Inc. stated, “This funding from Credit Suisse Asset Managementin Mexico shows confidence in our strategy and implementation over the past 12 months and is a vote of confidence for the entire GigNet team. These additional funds will be used primarily to extend our network to additional concentrations of major customers in the region and also for product development, as we expand our service offerings to meet high and growing demand from our hospitality and enterprise customers as a digital infrastructure provider.”
About Credit Suisse Asset Management (CSAM): CSAM is a business within Credit Suisse AG’s International Wealth Management division. CSAM manages approximately USD 405.7 billion in assets globally as of March 31, 2019, across a variety of alternative and traditional strategies and products. In Mexico, the group manages several country-dedicated funds that incorporate Private Debt, Private Equity and Commercial Real Estate strategies.
Press contact: Edgard Dias
edgard.dias@credit-suisse.com
+55 11 3701 6606
www.credit-suisse.com
About GigNet, Inc. (formerly Cobalt Holdings, Inc.) GigNet, Inc., through its Mexico operating subsidiaries, Cobalt Broadband Services S.A. de C.V., and Sanalto Redes Peninsular S.A.P.I. de C.V, is a digital infrastructure provider in Mexico. The Company has completed a 200-kilometer fiber-optic broadband network in the Mexican Caribbean, one of the largest and fastest-growing tourism destinations in the world, with 500 hotels and resorts and 160,000 hotel rooms, supported by more than 30 million annual visitors and cruise ship passengers.
Contact: Phil Allen
pallen@gignetinc.com
+1.303.898.0625
101 Waukegan Road, Suite 650
Lake Bluff, Illinois 60044 USA
www.GigNetInc.com
GigNet.mx
