Everstream rakes in more than $1 billion in debt financing
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").
For related articles, visit the Business Topic Center.
For more information on high-speed transmission systems 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.
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.