Gateway Fiber: Credit Facility Upsized To $250 Million
Summary
Proceeds from the capital raise will fund the continued expansion of Gateways fiber network through 2025 in three key markets Missouri, Minnesota, and Massachusetts.Gateway raised a total of $250 million of debt financing this year with Texas Capital acting as the Administrative Agent and Texas Capital Securities as Lead Arranger along with three joint lead arrangers: JPMorgan Chase Bank, Third Coast Bank, and CIBC. And the combination of the expanded credit facility and the ongoing support of Gateways equity sponsor, CBRE Investment Management, provides Gateway ample capital to pursue growth.Gateway Fiber helps communities thrive through a fairer, friendlier, faster internet experience. And as data requirements for residences and businesses continue to expand, Gateway is creating a leading, national fiber-to-the-home platform to serve this critical unmet need. Gateway offers faster, more reliable internet with a simple pricing model and industry-leading customer service.We appreciate the tremendous support of Texas Capital, our lenders, and CBRE IM. With a strong balance sheet and great capital partners, we are confident in our ability to further grow our platform in 2025 and take advantage of opportunities in the residential and commercial fiber internet markets.