Brightspeed Secures $1.65 Billion Financing for Fiber Upgrade

Brightspeed, a telecommunications firm owned by Apollo Global Management, plans to raise $1.65 billion in additional financing for its fiber optic network. The proposed bond has a 10.5% coupon and a 2031 maturity. The financing would bring Brightspeed's debt load to around $9 billion, with a net leverage of 15.4 times its adjusted earnings. The company aims to reach 5 million homes and businesses, up from its original goal of 4 million locations.

Charlotte-based Brightspeed, a telecommunications firm owned by Apollo Global Management Inc., is planning to raise an additional $1.65 billion in financing to upgrade its fiber optic network. The proposed funding, structured as a first-out, first-lien bond, will carry a 10.5% coupon with a 2031 maturity [1]. This financing marks a significant turnaround for Brightspeed, which restructured its debt a year ago and received $3.7 billion in new capital as part of that deal [1].

The incremental debt would bring Brightspeed's total debt load to around $9 billion, with a net leverage of 15.4 times its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) after netting out cash [1]. Brightspeed aims to invest around $3.4 billion in capital expenditures over the next five years to support its fiber build-out [1].

The company, which currently serves more than 2 million locations across 20 states, has outlined a goal of reaching 5 million homes and businesses, an increase from its original goal of 4 million locations [1]. This expansion is part of Brightspeed's strategy to enhance its broadband and telecommunications services.

Brightspeed also plans to access the fiber securitization market beginning in 2026, further indicating its commitment to modernizing its infrastructure [1].

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