Gateway Fiber Receives Capital for New Markets
Gateway's debt financing is expected to enable the company to pursue expansion in three states.
May 24, 2024 – Fiber provider Gateway Fiber announced Friday that it closed a senior secured debt facility which will provide additional funding to continue expanding its growing network.
According to the press release, Gateway Fiber raised $175.5 million in debt financing. Chris Surdo, president of Gateway Fiber, said that the company is “excited about this new partnership,” adding that it will enable the company to “accelerate its growth plans across multiple markets.”
Gateway said that the combination of the new credit facility and the support of its equity sponsor, CBRE Investment Management, will continue to provide Gateway with “ample capital” to pursue expansion in three markets – Missouri, Minnesota, and Massachusetts.
“The Gateway team has proven their ability to expand into attractive markets and acquire customers with a customer-first approach, validating the platform’s execution capabilities and the market’s demand for fiber,” said Noi Spyratos, managing director of private infrastructure at CBRE Investment Management.
Gateway CFO Betsy Toney concluded that “with a strong balance sheet and great capital partners, we are confident in expanding our platform and taking advantage of opportunities in the FTTH market. As we grow, we will continue to invest in our capabilities to ensure continued best-in-class quality of service for our customers.”
