Wyyerd Fiber Announces Debt Financing to Accelerate Fiber Deployment
Expanding the Availability of 100% Fiber Internet for Residents, Businesses, and Not-for-Profits
BOULDER, CO – Wyyerd Fiber, a U.S. fiber-to-the-premise Internet provider, announced today that the company has completed a first-close on a senior secured debt facility, materially exceeding its targeted size from a syndicate of lenders led by Woodforest National Bank.
Wyyerd will use the newly committed funds to accelerate deployment of its fiber optic network in its operating regions in Arizona and California, and to continue to serve its communities with premium fiber-based Internet service.
Wyyerd’s equity sponsors include funds managed by global investment firm Carlyle (NASDAQ: CG), Columbia Capital and several others.
“Working through recent uncertainty in the debt markets, our new bank syndicate led by Woodforest National Bank, together with joint lead arrangers Third Coast, Sunflower, Cross First and Texas Capital Bank, as well as Axiom and ING Capital, who is also serving as the syndicate’s Sustainability leader,have enabled an acceleration of Wyyerd’s growth across multiple additional markets,” said Wyyerd President and CEO John Scarano. “The team and our sponsors are genuinely appreciative for this supportive investment, which will enable us to further increase our growth trajectory.”
“Wyyerd Fiber has demonstrated the ability to rapidly deploy network and acquire customers in attractive markets, validating the platform’s execution capabilities and the sustained demand for a fiber-based offering,” said Josh Pang, Managing Director and Head of Digital Infrastructure at Carlyle. “We believe the Company has a long runway of growth in its attractive Southwestern U.S. footprint, and that Wyyerd’stotal addressable market opportunity will extend beyond its current fiber network and into many additional, attractive geographies.”
“We believe this outcome amidst challenging credit markets speaks to the quality of Wyyerd’s pure-play fiber assets and platform. This facility will be instrumental in fueling Wyyerd’s near-term growth trajectory and we look forward to future opportunities to partner with our valued lenders for the Company and across our portfolio of infrastructure assets,” said Pete Taylor, Managing Director and Partner on Carlyle’s Infrastructure team.
“Together with our credit partners we are pleased to support Wyyerd Fiber’s continued expansion of its network and track record of adoption by customers,” said Randy Humphreys, Executive Vice President, TMT Banking, of Woodforest National Bank.
“ING looks forward to supporting Wyyerd’s sustainable fiber network expansion,” said Pim Rothweiler, ING Capital’s Head of Tech, Media & Telco. “Fiber networks are significantly more energy-efficient than copper and cable networks, and as such, carbon emissions are reduced with every new customer who chooses Wyyerd over a legacy network.”
Wyyerd offers a full suite of infrastructure-based services for residences, businesses, enterprises, carriers, and non-profit partners, including government and education entities. Wyyerd is committed to establishing a local presence in its markets, forging partnerships with municipality and community leaders, and creating local jobs in the communities it serves.
Municipality leaders, community leaders, business leaders, and residents are always encouraged to inquire about service in their areas, by visiting wyyerd.com or calling (623) 455-4500 in Arizona or (619) 732-6100 in California.
Wyyerd Fiber, via its local operating entities, delivers fast, affordable, fiber-based Internet access and related services. At Wyyerd, we believe that each region is unique and should be supported by an equally unique, locally managed organization, led by a local team. Wyyerd’s vision is to become the cornerstone partner for Internet connectivity, fiber and facilities interconnection, smart community enablement, and sustainable development, one community at a time. Visit wyyerd.com for more information.
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $373 billion of assets under management as of December 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
About Woodforest National Bank
Woodforest National Bank is a leading privately owned bank that has provided excellent customer service since 1980. Woodforest offers a wide variety of services to their customers and has extensive experience in lending with over $5 billion in loans on their balance sheet. The bank offers loans such as lines of credit and term loans to commercial customers.
About ING Capital
ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 58,000 employees offer retail and wholesale banking services to customers in over 40 countries. Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.