Everstream Raises Over $1 Billion in Debt Funding

Fiber-based business service provider Everstream says it has secured more than $1 billion in debt financing. The company will use the funds to refinance existing credit facilities and raise additional capital for network expansion and densification across its 10 states.

The debt package includes a senior tranche and a junior tranche, to which contributed:

  • Societe Generale as coordinating and structuring bank, global coordinating bookrunner, co-lead manager and administrative agent
  • Natixis as Global Coordinating Bookrunner and Joint Lead Manager
  • ING, Santander and SMBC as joint bookrunners and joint lead arrangers
  • CoBank, Macquarie, RBC, TD Bank and Vantage Infrastructure as joint lead managers
  • DigitalBridge Credit, in partnership with a wholly owned subsidiary of CPP Investments, as the junior tranche lender.

“As data usage continues to soar, a reliable and scalable fiber backbone is essential 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-in-class network across our entire footprint.

AMP Capital remains the majority owner of Everstream. “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.”

Everstream operates in metropolitan and rural areas of the US Midwest and Mid-Atlantic. The company increased total miles traveled by 80% in 2021, reaching nearly 27,000 miles traveled. Everstream also received debit financing in 2021 and 2020 (see “Everstream Adds Debt Financing for Fiber Footprint Expansion” and “Enterprise Fiber Network Service Provider Everstream Closes Financing by loan of 342.5 million dollars”).

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Carol M. Barragan