Open access provider Intrepid Fiber Networks says its newly secured $290 million in debt financing will support ongoing deployments in Colorado and Minnesota. In all, more than 250,000 premises will eventually have access to Intrepid’s networks in the two states.
“Securing this new credit facility accelerates our growth across the entire build plan. We have already achieved tremendous success constructing our networks and onboarding subscribers through our partners,” said Intrepid Fiber Networks Chief Executive Officer Jack Waters.
“This exciting step forward reinforces our commitment to delivering future-proof fiber networks that provide symmetrical gigabit speed to meet our end users’ broadband needs, while providing customers more options in choosing their preferred internet service provider.”
Société Générale is structuring and acting as coordinating advisor in the transaction. This is the second time in a week the company has made news regarding broadband financing. On Wednesday, Tillman FiberCo LLC said that Société Générale is part of a syndicate that will make $815 million that will accelerate its expansion in Florida.
Intrepid Fiber Networks, founded in 2021, brought its open access model to Littleton, Colorado in March. The initial target market is 15,000 homes and businesses. Intrepid is already active in the Colorado communities of Pueblo, Northglenn, Westminster, Louisville, and Lafayette.
Last October, Intrepid said that it would build a network in Bloomington, Minnesota. The goal is to create a footprint covering more than 40,000 homes and businesses. The project already was underway when the announcement was made. It began in July, 2023 and was scheduled to begin providing services by December.
Intrepid says its goal is to deploy open access networks nationwide. As the name implies, “open access networks” use a wholesale approach through which service providers lease capacity on a network that supports multiple competitors.
