PrairieWave Raises $170M from GE

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PrairieWave Communications Inc., a South Dakota-based small MSO, has raised about $170 million from GE Commercial Finance Global Media & Communications, most of which will be used for the acquisition of Black Hills FiberCom, a voice-, video- and data-service provider that operates in 10 communities in the Black Hills region of South Dakota.

The $103 million acquisition, completed June 30, effectively doubled PrairieWave’s size to more than 60,000 customers.

PrairieWave, based in Sioux City, S.D., now provides voice, video and data services to 44 communities in South Dakota, Minnesota and Iowa.

According to GE Commercial Finance, the $170 million in senior secured financing consisted of a $60 million term-A loan, a $60 million term-B loan, a $40 million second-lien loan and a $10 million revolver.

PrairieWave’s origins date back to 1902 with the inception of Hurley Telephone Co. Alta Communications and Bank of America Capital Investments serve as equity sponsors of the company.

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