Supports Continued Buildout of State-of-the-Art Fiber-Optic Infrastructure
Astound, a recognized leader in internet, Wi-Fi, mobile, TV and fiber-optic solutions, today announced the successful completion of a comprehensive refinancing and a commitment of $400 million from Stonepeak, Astound’s largest investor and the world’s largest independent infrastructure firm. The transaction also meaningfully extends Astound’s debt maturities to 2029 and 2030.
With this additional capital and financial flexibility, Astound will further build out its award-winning high-capacity, fiber-powered network while it continues to support its customers and communities. Under Stonepeak’s ownership, Astound has undertaken the fiberization of its network through the construction or upgrade of 800,000 homes. As part of its plan to further increase its fiber footprint across the U.S. over the coming years, Astound has identified more than one million new residential homes for construction of fiber broadband. Astound has already made strides in enhancing its offerings with continued investments in cutting-edge fiber infrastructure and collaborations with top industry players like T-Mobile, eero, and DIRECTV. Recent notable initiatives include Astound’s $22M project in Clallam County, WA, the completion of a 108-mile underground fiber route along Highway 6 in Tillamook, OR, Astound’s $34M investment in Orland Park, IL, and making significant upgrades across its entire existing network. This transaction will serve to support this momentum.
“We are confident that this transaction will provide meaningful benefits to our customers as, with the additional funding and our optimized capital structure, we will be able to enhance our services and continue strengthening our network,” said Jim Holanda, Chief Executive Officer of Astound. “Having access to reliable, high-speed internet is absolutely essential in today’s digital-first world, and we pride ourselves on doing everything we can to provide this to the communities we serve. We are grateful for the support we have received from Stonepeak and our lenders as we continue to grow and innovate for long-term success.”
“We continue to be impressed by Astound’s operational focus and commitment to providing the highest-quality services to its customers and communities. Leveraging our deep expertise in digital infrastructure, Stonepeak will continue to support Astound and we look forward to being a part of this next phase of the Company’s growth,” said Andrew Thomas, Senior Managing Director at Stonepeak.
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