Intrepid, Tillman Fiber Secure Combined $1B Debt Financing

July 22, 2024 – Internet Service Provider Intrepid Fiber Networks announced on Thursday that it secured $290 million in debt financing to deploy fiber optic services to over 250,000 addresses in Colorado and Minnesota.

“Securing this new credit facility accelerates our growth across the entire build plan,” Intrepid Fiber Networks CEO Jack Waters said. We are “delivering future-proof fiber networks that provide symmetrical gigabit speed to meet our end users’ broadband needs, while providing customers more options in choosing their preferred internet service provider.”

According to Intrepid, the ISP expects to expand its open-access network to premises across the country, anticipating continued growth in markets and evaluating new market deployments.

ISP Tillman Fiber announced on Wednesday that it secured $815 million in debt financing to deploy fiber optic services throughout Florida, with the new credit facility allowing for up to $200 million of additional term loans. The funds will allow the deployment of high-speed and reliable fiber infrastructure in the state. 

These secured funds came from Société Générale, a financial services company headquartered in France.

Phil Cusick, chief financial officer at Tillman Fiber, stated that its open-access infrastructure model is essential to deliver high-quality broadband services to communities and promote digital inclusion. “With the rise in remote work, the increasing demand for 8K video streaming, gaming, and the growing significance of artificial intelligence applications, our network is exceptionally positioned to meet these evolving requirements,” he added.