Everstream Secures Over $1 Billion for Refinancing and Debt Capital Arrangement

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CLEVELAND–(BUSINESS WIRE)–Continuous stream, the enterprise-only fiber optic network, announced that it has secured more than $1 billion in debt financing to refinance existing credit facilities and raise additional capital to continue to fund network growth and densification in its 10 States. The deal marks the first time a U.S.-based telecommunications company has relied on an OpCo/HoldCo funding model, driven by demand from institutional infrastructure investors.

Everstream, which is majority-owned by AMP Capital, brings high-capacity fiber connectivity to metropolitan and rural areas in the Midwest and Mid-Atlantic. In line with its mission to bring speed, reliability, scalability and performance to its customers, the company has increased its total number of fiber optic kilometers by 80% in 2021, reaching nearly 27,000 route miles.

“The role of communications infrastructure is increasingly critical, with technologies and services such as fiber optics and data centers leading the way,” said Sam Sixt, Chief Investment Officer at AMP Capital and Board Member of directors of Everstream. “Through its successes to date, Everstream has demonstrated that it has both the vision for the next generation of communications and the ability to execute on that vision. We are very pleased that the latest round of funding supports Everstream through its next phase of growth. »

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

The debt package includes a senior and junior tranche, which has been anchored by a diverse group of lenders:

  • 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 the junior tranche lender

“This innovative financing solution gives Everstream the flexibility and runway to build critical infrastructure that underpins its clients’ demands,” said Aman Sareen, Principal at AMP Capital. “The caliber of the institutions, which includes a strong cross-section of banks and infrastructure investors, speaks to the high-quality nature of the asset and the best-in-class management team.

About Everstream®

Everstream has raised the bar for business connectivity, delivering an enterprise-grade fiber optic network with the speed, reliability, scalability and performance demanded by today’s businesses. With over 27,000 fiber route miles and speeds of up to 100 Gbps, Everstream’s enterprise network provides robust enterprise fiber services, including Internet, WAN, data center connectivity and dark fiber. Through his “Do what you say you will,” Everstream is a valued partner dedicated to the success of business customers. For more information, visit everstream.net.

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