News

Omni Fiber has announced the closing of $150 million in debt financing.

By: Brad Randall, Broadband Communities

Recent financing attained by Omni Fiber will help fund what the Ohio-based ISP calls “rapid expansion” in Ohio, Michigan, and Pennsylvania.

The financing, attained from Stonepeak Credit, will accelerate Omni Fiber’s rate of expansion, with additional construction projects to be announced in the coming months, according to Omni Fiber’s July 16 announcement.

To date, Omni Fiber, backed by Oak Hill Capital, has invested over $250 million into XGS-PON fiber network construction, the company’s release stated.

The announcement stated the company is on track to reach nearly 200,000 locations by year’s end. Currently, Omni Fiber is engaged in construction across 15 communities.

“We are excited about the additional opportunities this financing enables,” said Darrick Zucco, the CEO of Omni Fiber.

He said the financing will accelerate projects that will employ local contractors and create hundreds of new jobs at Omni Fiber.

“The halo effect on economic development for the impacted towns is significant,” he said.

Ryan Roberge, a senior managing director at Stonepeak, said Stonepeak’s team has been impressed by both Omni Fiber and their CEO. He said Stonepeak looks forward to continuing their partnership with Omni and Oak Hill Capital “over the long-term.”

Scott Baker, a managing partner at Oak Hill Capital, said the firm has been excited about Omni Fiber’s growth and pledged to continue to offer support.

“We are thrilled by the rapid growth of Omni Fiber and are committed to continuing investing behind the team as they expand their fiber services to underserved markets in Ohio, Pennsylvania, and Michigan,” Baker said.

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