Michigan

Surf Internet Raises $407 Million Through Fiber Network Financing

Investor demand supports expansion across the Great Lakes region.

Sergio Romero

Sergio Romero

— 1 min read
Surf Internet Raises $407 Million Through Fiber Network Financing
Aerial view of a Surf Internet fiber service area in the Great Lakes region, from Surf Internet.

WASHINGTON, March 11, 2026 – Surf Internet announced it has closed a $407 million fiber asset-backed securitization, a financing deal the company said will support network expansion across the Great Lakes region.

The Indiana-based broadband provider said the transaction includes $332 million in secured fiber network revenue term notes and a $75 million variable funding note facility.

The financing, Surf’s first asset-backed securitization, was issued through a newly formed subsidiary, Surf ABS Issuer LLC, and drew strong interest from institutional investors including asset managers, insurers, and credit funds.

Ryan Delack, Surf’s chief financial officer, said the transaction strengthens the company’s capital structure and will help fund continued fiber deployment and service improvements.

Surf Internet provides fiber broadband to communities across Illinois, Indiana, and Michigan, focusing largely on underserved rural areas.

Goldman Sachs served as the structuring and placement agent for the deal.

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Michigan Indiana Illinois Goldman Sachs Ryan Delack Surf Internet

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