$240 Million Committed Debt Facility Enables Further Success-Based Fiber Networks, Compelling Fiber-to-the-Home Market Development and Complementary Telecom Infrastructure Business Acquisitions
BOULDER, Colo., Feb. 13, 2025 /PRNewswire/ -- VFN Holdings, Inc (Vero), a nationwide fiber infrastructure provider serving wholesale, carrier, technology, education and retail internet customers, announced the successful expansion of its existing credit facility to $240M of committed capital with an accordion providing up to $310M of total capacity. The facility was jointly arranged by Hancock Whitney Bank, UMB Bank, and Texas Capital Bank, with CIBC serving as Documentation Agent. Vero will use this credit facility to continue its investment in fiber-to-the-home (FTTH) and dark fiber network solutions, ensuring sufficient capital for critical market expansions in furtherance of Vero's mission to provide digital communications and connectivity to underserved markets throughout the United States.
Vero was established in 2017 by a group of former executives of Zayo Group, including Matt Erickson, one of Zayo Group's Co-Founders and Co-Chief Operating Officers. Since its inception, Vero has expanded its network footprint to include 250 markets in 20 states. This transaction represents a material increase to its previous $100M credit facility, and supplements equity investments made by the management team, as well as Ariet Capital, LLC, Delta-V Capital and Hamilton Lane. Additional lenders in the syndicate include Woodforest National Bank, JPMorgan Chase, Third Coast Bank, CoBank, and Axiom Bank.
"Vero continues to see exceptional demand for high-capacity fiber bandwidth, from the largest hyperscalers, looking to support investments in AI infrastructure, to families and small business looking for sufficient bandwidth to live and work productively" states Greg Friedman, Chief Financial Officer of Vero. "We are thrilled to partner with our new lender syndicate to accelerate organic network builds, as well as make strategic acquisitions that enhance our capabilities, customer reach and network footprint."
With the ongoing evolution of the digital landscape, Vero's network deployments support the continued evolution of FTTH, artificial intelligence, cloud computing, 5G rollouts, enhanced online education, high-definition video streaming, social media advancements and edge computing applications. Vero has grown through a combination of organic success-based sales to education, hyperscale and wholesale customers, strategic expansion of its retail FTTH footprint and accretive acquisitions of assets and teams that align exceptionally well with Vero's purpose and business values. Vero also self-performs a large portion of its network construction via in-house fiber construction capabilities.
Vero was represented by the law firm of Cruz-Abrams Seigel LLC.
About Vero:
Vero designs, builds and manages dark fiber infrastructure services to hyperscale/cloud providers, K-12 schools (E-Rate), governments entities, enterprises, wireless and wireline carriers. It also provides access to affordable and reliable broadband retail internet services to homes and MDUs in predominantly underserved communities. Vero operates nationwide in different markets and verticals as Vero Fiber, Vero Networks, Vero Broadband, Clearnetworx, Deeply Digital, Glass Roots Construction, Fast Track Communications and Nexgen Connected Communities. For more information, visit www.veronetworks.com.
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SOURCE Vero Fiber Networks
