Surf Internet recently celebrated its 25th anniversary, raised $175 million in new equity funding, and secured an upsized $300 million debt facility, enhancing its ability to bring fiber internet to more locations in the Great Lakes region.
Macquarie Capital led the equity investment, which was joined by existing investors Bain Capital and Post Road Group.
Led by DigitalBridge Credit, the new funding includes an upsized $300 million debt facility, a new commitment from the global investment group CDPQ, and participation from Boundary Street Capital and Liberty Mutual Investments.
This builds upon Surf’s existing $200 million debt facility, which includes prior lending commitments from the Canada Pension Plan Investment Board (CPP Investments).
With this new funding, Surf can fulfill its key mission: network expansion.
These investments provide Surf with the financial flexibility to expand its fiber network, enhance multigigabit capabilities, and reach 275,000 fiber passings in 2025.
The equity transaction closed on February 13, 2025, while the debt transaction closed on February 3, 2025.
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Sean Buckley
Sean is responsible for establishing and executing the editorial strategies of Lightwave and Broadband Technology Report across their websites, email newsletters, events, and other information products.