Business fiber network service provider Everstream closes debt financing of $342.5 million

April 6, 2020

Business fiber network service provider Everstream says it has closed $342.5 million in debt financing from nine banks. Webster Bank served as lead arranger, with the assistance of joint lead arrangers CoBank, Regions Financial Corp., Fifth Third Bank, and TD Bank. Everstream says it plans to use the funds to fuel its 2020 growth plans, which include reaching five new markets and densifying existing markets in the U.S. Midwest.

Everstream’s existing footprint includes more than 13,000 route miles of fiber, through which it offers connectivity of up to 100 Gbps to business customers. The company launched in several new markets in 2019 and made acquisitions this year (see, for example, “Everstream connects Columbus to business fiber network” and “Everstream to buy Rocket Fiber”) and plans to continue to grow its addressable customer base this year. Everstream says it expects its infrastructure to reach 15,000 miles of fiber with more than 3,000 on-net locations in 12 markets throughout the Midwest by the end of this year (see "Everstream announces new market targets, closes LightBound acquisition").

“The original facility that we structured in 2015 has led to a strong and mutually beneficial partnership with Everstream,” said Matthew Kane, managing director of Webster Bank’s Technology and Infrastructure Group. “Our goal at Webster Bank is simple: finance recurring businesses with high retention rates backing proven sponsors and management teams. Everstream has checked all of the boxes and more. We are excited to continue our relationship while supporting their explosive growth.”

“We are extremely fortunate to have such a great group of banks support our growth plans during these difficult times,” said Everstream President and CEO Brett Lindsey. “Our team’s history of doing what we say we will do provided the confidence to significantly increase our debt facility.”

For related articles, visit the Business Topic Center.

For more information on fiber cables and suppliers, visit the Lightwave Buyer’s Guide.

To stay abreast of fiber network deployments, subscribe to Lightwave’s Service Providers and Datacom/Data Center newsletters.

About the Author

Stephen Hardy | Editorial Director and Associate Publisher, Lightwave

Stephen Hardy is editorial director and associate publisher of Lightwave and Broadband Technology Report, part of the Lighting & Technology Group at Endeavor Business Media. Stephen is responsible for establishing and executing editorial strategy across the both brands’ websites, email newsletters, events, and other information products. He has covered the fiber-optics space for more than 20 years, and communications and technology for more than 35 years. During his tenure, Lightwave has received awards from Folio: and the American Society of Business Press Editors (ASBPE) for editorial excellence. Prior to joining Lightwave in 1997, Stephen worked for Telecommunications magazine and the Journal of Electronic Defense.

Stephen has moderated panels at numerous events, including the Optica Executive Forum, ECOC, and SCTE Cable-Tec Expo. He also is program director for the Lightwave Innovation Reviews and the Diamond Technology Reviews.

He has written numerous articles in all aspects of optical communications and fiber-optic networks, including fiber to the home (FTTH), PON, optical components, DWDM, fiber cables, packet optical transport, optical transceivers, lasers, fiber optic testing, and more.

You can connect with Stephen on LinkedIn as well as Twitter.