Wilkes/RiverStreet Scores Big Loan For Fiber Broadband Projects

RiverStreet Networks, a sister company of rural provider Wilkes Communications, has received a $191.1 million loan from CoBank that will go, in part, to refinance legacy US Department of Agriculture Rural Utilities Service financing and, in part, to deploy fiber broadband in rural areas of North Carolina and Virginia. Wilkes Communications has been the incumbent local exchange carrier (ILEC) in Wilkes County (NC) for over 60 years, while RiverStreet serves customers in other counties. Eric Cramer, president and CEO of Wilkes/RiverStreet, said that the total project cost will be $330 million, with 82% of total costs funded through a variety of federal, state, and local grants. In addition, $100 million from the CoBank loan will be used toward the project. Of that, $30 million already has been spent. The projects will include converting the remaining 25% of Wilkes/RiverStreet customers that are connected to the internet via copper to fiber.