CHARLOTTE, N.C., April 25,
2024 /PRNewswire/ -- Conterra Ultra Broadband
Holdings, Inc. ("Conterra Networks", "Conterra" or "the Company"),
a national leader in providing fiber-optic network-based
infrastructure and services, announced today the completion of a
debt capital raise totaling $580
million, which will be used to refinance existing credit
facilities, optimize Conterra's capital structure, and provide
additional capacity to support Conterra's growth.
Conterra Networks, headquartered in Charlotte, North Carolina, is one of the
largest independent local providers of fiber-based services in
the United States, with a
14,000-route mile fiber network that brings high-capacity middle
and last-mile fiber-based services to telecommunication carriers,
school districts, and commercial customers across 14 states in the
Southeast, South Central and Western US. Conterra is owned by
affiliates of each of APG Group NV ("APG") and Fiera Infrastructure
Inc. ("Fiera Infrastructure").
The structure is a first of its kind within the digital market
in the USA. Key highlights of the
debt capital raise include:
- Investment Grade-Rated Senior Structure: senior facilities
comprised of a term loan and revolving credit facilities being
provided by CIBC, National Bank of Canada, NordLB, SMBC and Export Development
Canada, as well as senior notes being provided by MetLife
Investment Management and IFM. The private investment grade rating
is underpinned by the long-term infrastructure characteristics of
Conterra's assets and business, which provide essential
telecommunications services to carriers, schools and commercial
customers.
- Structurally Subordinated Midco Term Facility: provided
by Nomura, this component further optimizes the Company's
capital structure.
Jamie Crotin, Managing Director
of Fiera Infrastructure, said, "We appreciate the strong support of
Conterra's new lenders and look forward to working with them as
Conterra continues to grow its business."
Steven Hason, Managing Director
and Head of Americas Real Assets at APG, further commented, "This
successful refinancing with leading lenders underscores the quality
of Conterra's network. The proceeds from refinancing will be aimed
at funding responsible growth and creating long-term value in the
communities that Conterra's networks serve, as well as for the
Company's investors."
Craig Gunderson, President &
CEO of Conterra, commented, "This refinancing provides Conterra
with growth capital to support our continued expansion to densify
our network in our focus areas and launch additional advanced
services for our customers." Steve Keaveney, CFO of Conterra,
echoed similar sentiments and added, "We are extremely pleased with
the outcome of the refinancing, which offers significant operating
flexibility to Conterra. We are delighted to build a long-term
partnership with our new lender partners."
Advisors and Agents
Daiwa Corporate Advisory LLC (DC
Advisory) and TD Securities acted as financial advisors and
placement agents and Latham & Watkins acted as legal counsel to
Conterra. White & Case acted as lender counsel on the
refinancing.
About Conterra Networks
Conterra Networks is a
national leader in the design, deployment, and operation of
fiber-optic network-based services, providing advanced
high-capacity communications networks to education, healthcare,
government, carrier, and enterprise customers across the United States. With over 14,000 route
miles of fiber and more than 8,000 on-net locations, Conterra
offers a robust, flexible, and secure fiber network backbone
optimized for low-latency and high-bandwidth applications. Conterra
is owned by affiliates of APG and Fiera Infrastructure. For more
information, please visit www.conterra.com.
About APG
As the largest pension provider in
the Netherlands APG looks after
the pensions of 4.6 million participants. APG provides executive
consultancy, asset management, pension administration, pension
communication and employer services. We work for pension funds and
employers in the sectors of education, government, construction,
cleaning, housing associations, sheltered employment organizations,
medical specialists, and architects. APG manages approximately €569
billion (December 2023) in pension
assets. With approximately 4,500 employees we work from Heerlen,
Amsterdam, Brussels, New
York, Hong Kong,
Singapore and Shanghai.
APG has been an active infrastructure investor since 2004,
investing approximately €26.0 billion to date and managing over 36
direct stakes in portfolio companies. APG's investments include
assets within energy and utilities, telecommunications, and
transport infrastructure. For more information, please
visit https://assetmanagement.apg.nl/
About Fiera Infrastructure
Fiera Infrastructure is a
leading global mid-market direct infrastructure investor operating
across all subsectors of the infrastructure asset class and an
affiliate of Fiera Capital Corporation. Led by a team of highly
experienced and specialized professionals, the firm leverages
strong global relationships, with a local presence in Toronto, London, and New
York. Its rigorous approach to investment and asset
management aligns with its long-term approach. Fiera Infrastructure
has assets under management and commitments of C$4.0 billion as of March
31, 2024. The firm has invested in more than 90
infrastructure assets across telecommunications, renewables,
transportation, and public-private partnerships. For further
information, please visit www.fierainfrastructure.com.
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SOURCE Conterra Ultra Broadband Holdings, Inc.