Brightspeed to Issue $1.65 Billion Bond Backed by Apollo Global Management

Brightspeed, backed by Apollo Global Management, plans to issue a $1.65 billion bond. The bond issue is part of the company's efforts to fund its expansion in the fiber-optic internet services market. The bond will be used to finance the company's growth and operations.

Brightspeed, a telecommunications firm owned by Apollo Global Management Inc., plans to issue $1.65 billion in bonds to fund its expansion in the fiber-optic internet services market. The bond issue, structured as a first-out, first-lien bond, carries a 10.5% coupon with a 2031 maturity [1]. This financing marks a turnaround for Brightspeed, which restructured its debt a year ago and received $3.7 billion in new capital [1].

The bond has been upsized twice from an initial target of $500 million to meet investor demand [1]. Brightspeed's net leverage would stay at 15.4 times its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) after netting out cash [1]. The company intends to access the fiber securitization market beginning in 2026 and plans to invest around $3.4 billion in capital expenditures over the next five years to support its fiber build [1].

Charlotte-based Brightspeed provides broadband and telecommunications services to more than 2 million locations across 20 states. The company aims to reach 5 million homes and businesses, up from its original goal of 4 million locations [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-08-13/apollo-s-brightspeed-seeks-more-financing-for-fiber-buildout