CLEVELAND – Everstream, the business-only fiber network, has announced it has secured $342.5 million in debt financing from nine banks, with Webster Bank as lead arranger. Joint lead arrangers include CoBank, Regions Financial Corp., Fifth Third Bank and TD Bank. Everstream will use the financing to accelerate its 2020 growth strategy, which includes expanding to five new markets and densifying existing markets to provide Midwestern businesses with high-capacity fiber connectivity.
“The original facility that we structured in 2015 has led to a strong and mutually beneficial partnership with Everstream,” said Matthew Kane, Managing Director of Webster Bank’s Technology and Infrastructure Group. “Our goal at Webster Bank is simple: finance recurring businesses with high retention rates backing proven sponsors and management teams. Everstream has checked all of the boxes, and more. We are excited to continue our relationship while supporting their explosive growth.”
Everstream is bringing high-capacity fiber connectivity to select markets in the Midwest. The company is on track to grow to more than 15,000 miles of fiber with more than 3,000 on-net locations in 12 markets throughout the Midwest by the end of 2020. As Everstream’s network grows, its customers benefit from more diverse network options and direct connection to data centers and locations in the expanded region.
“We are extremely fortunate to have such a great group of banks support our growth plans during these difficult times,” said Everstream President and CEO Brett Lindsey. “Our team’s history of doing what we say we will do provided the confidence to significantly increase our debt facility.”