Canada Broadband Firm Xplore in Talks to Receive Fresh Money

Xplore Inc., which provides high-speed internet service in rural communities, is planning to raise fresh financing by shuffling assets into new legal entities and borrowing against them, according to people familiar with the situation.

The Canadian company, formerly known as Xplornet Communications Inc., would receive a loan of around $400 million, said the people, who asked not to be identified discussing a private matter. Proceeds would be used to shore up Xplore’s balance sheet and help fund network expansion, they said.

The new financing would be led by private equity backer Stonepeak Partners, according to the people.

Shifting ...