Dec 27, 2001 : DSL.net Secures $15 Million Investment

📅 December 27, 2001 - DSL.net, Inc,. a direct provider of high-speed Internetaccess, yesterday announced that a consortium of investors led by ColumbiaCapital and including Charles River Ventures, Hunt Private Equity Group, andNational Investors Group, has agreed to invest $15 million in DSL.netconvertible redeemable preferred stock.

The new investment, which has been approved by the DSL.net board ofdirectors, adds to a previously announced $15-20 million financing fromVantagePoint Venture Partners. The combined $30-35 million investment willposition the company to accelerate its growth plans, the company says.
The investment transaction is contingent upon stockholder and regulatoryapprovals, which are currently expected to occur in the first quarter of2002. The company and the new investors have received proxies that theybelieve will be sufficient to approve the transaction. An initial closing isexpected to occur by the end of 2001, at which the company is expected toreceive $10 million through a combination of the sale of preferred stock anda bridge loan, which the company plans to repay with the proceeds from thesale of preferred stock to the new investors upon receipt of stockholderapproval. The remaining $5 million investment is scheduled to close uponreceipt of stockholder approval and completion of the VantagePointfinancing.
Keith Markley, president and chief operating officer of DSL.net said, "theVantagePoint Venture Partners financing that we announced earlier this yearallowed us to implement a plan that is expected to bring DSL.net to cashflow positive next year. While we are still focused on achieving positivecash flow in 2002, this new funding allows us to steam ahead on our growthplans. We are very exciting about cranking up our smart growth engineagain."

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