GigNet gets additional financing with Credit Suisse Asset Management

Cobalt Broadband Services S.A. de C.V., a wholly owned operating subsidiary in Mexico of GigNet, Inc., has announced that based on progress to date, Mexico Credit Opportunities Fund II, managed by Credit Suisse Asset Management, has agreed to increase the funds available under a credit facility established one year ago, the company said.

The company used the initial funding to complete a 200-kilometer fiber-optic network in the Mexican Caribbean and began serving customers in 2019.

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.

Credit Suisse Asset Management (CSAM) is an alternative asset manager in Mexico. The business has raised three trusts to date, which invest in a variety of alternative assets, including private credit, private equity and commercial real estate lending. The Mexico Credit Opportunities Trust II is managed by Banco Credit Suisse (México), part of the Credit Suisse Asset Management business in Mexico, and invests to bolster the mobilization of resources to mid-sized enterprises.

GigNet, Inc. (formerly Cobalt Holdings, 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.