Rural Broadband Consolidator LICT Gets $100 Million Credit Facility

Rural broadband consolidator LICT Corporation has received a $100 million revolving credit facility from CoBank, a key rural broadband lender. LICT keeps a low profile, but the company, which trades over the counter on the pink sheets, is an important player in the rural broadband market. The five-year revolving credit facility extends the term of an existing facility through 2029 and increases the facility from $50 million to $100 million. LICT currently has 11 subsidiaries in multiple states. The subsidiaries are primarily incumbent rural telecom providers, including some that are over 100 years old. In 2023, Sound Broadband said that the company was also considering offering mobile service in rural dead zones. LICT’s recent activity included spinning off Michigan Broadband, originally known Upper Peninsula Telephone Company, and acquiring Utah’s Manti Telephone via the CentraCom subsidiary. In announcing the new credit facility, LICT noted that it “actively seeks acquisitions, principally in its existing business areas.”