Everstream Solutions, a super-regional dark and enterprise fiber provider backed by AMP Capital, today announced it has secured an additional $140m in debt financing from Webster Bank, CoBank, Regions Financial, Fifth Third Bank, and TD Bank to accelerate its fiber network growth.
Use of Proceeds – Everstream
Everstream will use the $140m of debt financing to fund its fiber growth strategy through June 2022. Specifically, this includes expanding into seven new markets, densifying existing markets, and connecting thousands of macro towers across its 10-state footprint with fiber infrastructure.
Fiber Build-Out
Everstream is building fiber connectivity to metro and rural markets across the Midwest and Mid-Atlantic regions of the United States. The company’s new networks will total 1.0k+ fiber route miles, serving the cities of Fort Wayne and South Bend, Indiana; Lexington and Louisville, Kentucky; and Cincinnati, Dayton, and Toledo, Ohio.
Overall, Everstream plans to install up to 3.0k route miles of fiber in its Midwest footprint during 2021.
Fiber-to-the-Tower (FTTT)
In 2021, Everstream fiber builds include connecting 2.0k+ macro cell towers in seven Midwest markets. Notably, a portion of this work also relates to Everstream’s agreement, in November 2020, to provide fronthaul and backhaul support to DISH Network’s greenfield 5G network.
Prior Financings
Everstream’s $140m in debt financing was oversubscribed by $40m and brings the total debt provided by this group of lenders to $567m. Indeed, in April 2020, Everstream previously secured $342.5m in debt financing from these lenders to fund its 2020 growth strategy.
Fiber Network – Everstream
Everstream brings fiber-based Ethernet, internet, and data center solutions to businesses throughout the Midwest. Currently, the company has 25k route miles of fiber and 3.6k on-net buildings, following the completion of its acquisition of fiber network assets from Uniti Group in June 2021. Additionally, Everstream provides connectivity to 52 data centers at speeds of 100 gigabits per second.
Everstream focuses on leveraging fiber infrastructure to connect business locations, data centers, cloud service providers, and wireless carriers (e.g., for 5G services).
Ownership
Everstream is owned by AMP Capital, an Australian infrastructure fund, through its vehicle AMP Capital Global Infrastructure Fund II. Presently, the AMP Capital Global Infrastructure Fund II has $3.4bn in equity capital commitments to invest in infrastructure globally.
