Brightspeed Secures Multi-Billion Fiber Network Financing

August 14, 2024 – Internet Service Provider Brightspeed announced that it secured a multi-billion dollar financing deal that will reinforce its ability to successfully build out a fiber build plan.

The deal “strengthens our financial foundation, provides the capital required to deliver on our long-term goals and better positions us to pursue Broadband Equity, Access and Deployment program, state and federal grant funding,” said Brightspeed. 

Through the financing transaction, Brightspeed receives approximately $3.7 billion in capital from its financial stakeholders, including all its secured lenders and funds managed by Apollo Global Management, to build its fiber build and eliminates approximately $1.1 billion of total debt through amendments to the company’s existing loan and credit facilities. 

According to Brightspeed, the financing will secure the ability to pursue additional funds from the BEAD program, of which approximately $4.7 billion is available to the company, subject to certain conditions. 

“This landmark announcement builds on our strong momentum and provides the capital to advance our aggressive, multi-year plan to build a fiber network in communities that lack quality, high-speed connectivity options,” said CEO Tom Maguire. “We have successfully brought fiber connectivity to 1.4 million homes and businesses and have upsized our build plan with an expanded goal of reaching more than four million locations with our state-of-the-art fiber network.”

Brightspeed also announced that it is appointing former Sprint CEO, Michel Combes, as the Chair of its Board of Directors. The company will use the money to deploy its fiber-optic technology to 17 states.