News
Surf Internet says a series of recent moves, including the raising of $175 million in new equity, is reinforcing the ISP’s commitment to the Great Lakes region.
By: Brad Randall, Broadband Communities
Surf Internet has secured $175 million in new equity funding and an upsized $300 million debt facility, according to a recent announcement from the Indiana-based internet service provider (ISP).
In the announcement, Surf said the news showcases the ISP’s reinforced commitment to the Great Lakes region.
According to Surf’s release, the equity investment was led by Macquarie Capital.
Additionally, two existing investors – Bain Capital and Post Road Group – participated in the equity investment, Surf’s release stated.
Meanwhile, Surf credited DigitalBridge Credit for leading efforts on Surf’s upsized $300 million debt facility.
The upsized debt facility also “includes a new commitment from global investment group CDPQ, along with participation from Boundary Street Capital and Liberty Mutual Investments,” Surf’s Feb. 21 announcement stated.
The upsized debt facility additionally builds on Surf’s existing $200 million debt facility.
That debt facility, according to Surf, includes existing lending commitments from the Canada Pension Plan Investment Board (CPP Investments).
“Together, these investments provide Surf with the financial flexibility to expand its fiber-optic network, enhance multi-gig capabilities, and reach 275,000 fiber passings in 2025,” Surf’s announcement explained.
Deals for both the upsized debt facility and the new equity funding closed in February, according to Surf’s release.
Macquarie Capital Managing Director Sam Southall praised Surf’s reputation in comments included with Surf’s announcement.
“Surf Internet has an impressive track record in deploying and commercializing fiber infrastructure and has a clear path for future growth,” Southall said. “This investment reflects our confidence in its leadership, strategy, and ability to scale in a rapidly evolving industry.”
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