DigitalBridge Group’s digital credit division, in partnership with CPPIB Credit Investments III, a wholly owned subsidiary of Canada Pension Plan Investment Board (CPP Investments), invested $220 million in the form of a holding company term loan to support the continued growth of Everstream Solutions.
Founded in 2014 and headquartered in Cleveland, Everstream delivers a business-only, enterprise-grade fiber network. The company serves large and mid-sized enterprises with more 27,000 route miles of fiber, speeds up to 100 Gbps and robust business fiber services, including low-latency dedicated internet, WAN and dark fiber.
“We selected DigitalBridge Credit as our partner because of its unsurpassed sector expertise, leading credit structuring capabilities and ability to execute on an accelerated timeline,” Brett Lindsey, CEO of Everstream, said. “We look forward to benefitting from the team’s deep industry knowledge as we move forward with additional financial flexibility to continue growing our business-only fiber network, expand into new markets, serve more customers and create value for all Everstream stakeholders.”
DigitalBridge Credit provides senior and junior debt financing solutions for borrowers in the digital infrastructure ecosystem across North America and Europe. The firm supports companies with strong management teams, stable and defensible business models, and exposure to macrotrends of the digital economy.
“DigitalBridge Credit invests in digital infrastructure companies where we can utilize our deep history of operating and investing expertise to add tangible value,” Chris Moon, managing director at DigitalBridge Credit, said. “We are delighted to partner with Everstream on this innovative capital structure that provides the investment and structural flexibility essential to the growth of its mission-critical, enterprise-only network. We are also pleased to partner with CPP Investments, one of the most sophisticated infrastructure investors globally, on this transaction as we continue to access unique opportunities across the digital ecosystem and grow our investment platform.”
“We are excited to partner with DigitalBridge Credit at a time when digital infrastructure is experiencing rapid growth and the associated credit market is delivering compelling risk-adjusted returns,” Geoffrey Souter, head of real assets credit at CPP Investments, said. “Everstream is a premier digital infrastructure company well-positioned for long-term growth, making it an ideal business in which to invest on behalf of CPP’s contributors and beneficiaries.”
