Astound has completed a $400 million financing round led by Stonepeak, its largest investor, a move that will enable the company to accelerate its fiber broadband expansion plans.
The transaction also meaningfully extends Astound’s debt maturities to 2029 and 2030.
Under Stonepeak’s ownership, Astound has continued to incorporate fiber in its network through the construction or upgrade of 800,000 homes. However, this is just one part of its expansion strategy. As part of its plan to further increase its fiber footprint across the U.S. over the coming years, Astound has identified more than one million new residential homes for the construction of fiber broadband.
Completing its fiber strategy involves partnerships to add new services, such as mobile and whole-home Wi-Fi, via collaborations with T-Mobile, eero, and DIRECTV.
Through its partnership with T-Mobile, Astound launched a mobile offering available to customers in approximately 4 million homes currently passed by the company across 12 states.
The service provider has also continued to form public partnerships with various communities, including Clallam County, WA, the completion of a 108-mile underground fiber route along Highway 6 in Tillamook, OR, and a $34 million investment in Orland Park, IL, as well as making significant upgrades across its entire existing network. This latest funding round will help sustain this momentum.
“Leveraging our deep expertise in digital infrastructure, Stonepeak will continue to support Astound, and we look forward to being a part of this next phase of the Company’s growth,” said Andrew Thomas, senior managing director at Stonepeak.
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