05:28 PM EDT, 08/20/2024 (MT Newswires) -- Tucows ( TCX ) after trade Tuesday said its subsidiary, Ting Fiber, LLC, closed an offering by one of its subsidiaries for US$63 million for an expansion of the company's fiber-optic network.

A statement noted the offering consists of Series 2024-1 Fixed Rate Senior Secured Notes, Class A-2 and Class B, maturing August 2054.

Tuesday's statement also noted Ting will use the net proceeds from the notes to fund the expansion of its fiber networks, create capacity for growth, and other general corporate purposes, including paying the fees and expenses related to the issuance of the notes.

Tucows ( TCX ) shares closed down $1.60 to $28.71 on the Toronto Stock Exchange.