Regional operator Ziply Fiber has secured $350 million in debt funding to fuel its fiber expansion in the Northwest region of the U.S. The additional funding will help the company achieve its fiber expansion plans, which previously targeted reaching 80% of its footprint by 2024.
Ziply Fiber was formed through the acquisition of Frontier assets in the Northwest. That deal was valued at $1.35 billion. The company operates in Washington, Oregon, Idaho, and Montana.
The company currently serves about 500K customers across its four state footprint and has been pushing fiber deeper into its network. The company has been steadily announcing new fiber markets, adding 14 to its growing list in August.
In a prepared statement, Ziply says the new funding will support its ongoing fiber expansion. “It will ensure that we have the resources on hand to keep up the strong pace of construction we’ve set for ourselves as we head into the new year, and to continue to deliver on our goal to providing the best connected experience possible for people in the Northwest.”
At the time of its acquisition from Frontier, Ziply reported that 31% of its homes passed were fiber capable. Ziply fiber expansion goals targeted reaching 80% by 2024. The company reported passing 1.6 million locations when it was formed.
Washington state is the company’s largest market, and Montana is its smallest. Ziply employs more than 1,400 people, according to the statement about the additional funding.
Ziply had already committed $500 million for fiber expansion prior to this new funding announcement.