Everstream adds debt financing for fiber footprint expansion

July 13, 2021
The company says the money will go fund expansion efforts through June 2022.

Business-focused fiber-optic network services provider Everstream says it has closed a new round of $140 million in debt financing, with Webster Bank as lead arranger alongside CoBank, Regions Financial Corp., Fifth Third Bank, and TD Bank. The company says the money will go fund expansion efforts through June 2022.

Everstream says the financing round was oversubscribed by $40 million and brings the total invested by this group of bankers to $567 million. The company raised $342.5 million in debt financing in April 2020 (see "Business fiber network service provider Everstream closes debt financing of $342.5 million").

The fiber network services company serves business connectivity needs in metro and rural areas in the U.S. Midwest and Mid-Atlantic. Everstream says its footprint encompasses more than 25,000 miles of fiber and more than 3,600 on-net buildings, aided by the June 2021 acquisition of fiber network assets from Uniti (see “Everstream closes Uniti Pennsylvania fiber asset buy”; Everstream previously purchased Rocket Fiber and Lightbound as well). The company’s ambitions for the next 12 months include expansion into seven new markets, network densification in existing markets, and connecting “thousands” of macro towers across its 10-state footprint.

“As Everstream continues to perform at a high level, we are happy to further our relationship with the business,” said Matthew Kane, managing director of Webster Bank’s Technology and Infrastructure Group. “We’re pleased to share a mutually beneficial partnership with Everstream and look forward to supporting the company’s ongoing success.”

“Fiber infrastructure is critical to the future growth of our country — whether it’s connecting business locations, data centers and cloud providers, facilitating 5G, or enabling next-gen technologies. Everstream is grateful to have partners who agree that a robust fiber infrastructure has never been more important and trust that our team will deliver,” added Everstream CEO Brett Lindsey.

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