Brightspeed Secures $3.7b of New Financing, Cuts $1.1b in Debt

Brightspeed said it successfully completed a multi-billion-dollar transaction with its financial partners.

• Receives approximately $3.7 billion in new capital from its financial stakeholders, including all of its secured lenders and funds managed by Apollo, to fund fiber build
  • Eliminates about $1.1 billion of total debt through amendments to the company’s existing loan and credit facilities
  • Secures ability to pursue access to additional funding through the Broadband Equity, Access, and Deployment Program, of which about $4.7 billion is available
• Michel Combes to serve as Chair of its Board of Directors, effective immediately
• PJT Partners served as investment banker for the company; ...