Everstream rakes in more than $1 billion in debt financing

April 5, 2022
The company will use the funds to refinance existing credit facilities and raise additional capital for network expansion and densification across its 10-state footprint.

Fiber-based business services provider Everstream says it has gained more than $1 billion in debt financing. The company will use the funds to refinance existing credit facilities and raise additional capital for network expansion and densification across its 10-state footprint.

The debt package includes a senior and junior tranche, to which the following contributed:

  • Societe Generale as coordinating and structuring bank, global coordinating bookrunner, joint lead arranger, and administrative agent
  • Natixis as global coordinating bookrunner and joint lead arranger
  • ING, Santander, and SMBC as joint bookrunners and joint lead arrangers
  • CoBank, Macquarie, RBC, TD Bank, and Vantage Infrastructure as joint lead arrangers
  • DigitalBridge Credit, in partnership with a wholly owned subsidiary of CPP Investments, as lender to the junior tranche.

“As data usage continues to skyrocket, a reliable, scalable fiber backbone is critical to delivering next-generation technologies and services to our business customers,” said Everstream CEO Brett Lindsey. “This latest round of financing has demonstrated that our partners have confidence in Everstream’s strategy to grow and densify our best-in-class network across our footprint.”

AMP Capital remains the majority owner of Everstream. “This innovative financing solution provides Everstream with the flexibility and runway to build critical infrastructure that underpins the demands of its customers,” said Aman Sareen, director at AMP Capital. “The caliber of institutions, which features a strong cross section of banks and infrastructure investors, speaks to the high-quality nature of the asset and best-in-class management team.”

Everstream operates in metro and rural areas across the U.S. Midwest and Mid-Atlantic. The company expanded its total route miles by 80% in 2021, growing to nearly 27,000 route miles. Everstream also received debit financing in 2021 and 2020 (see "Everstream adds debt financing for fiber footprint expansion" and "Business fiber network service provider Everstream closes debt financing of $342.5 million").

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