Omni Fiber, a provider of high-speed fiber optic Internet services in the Midwest, closed a $150 million in incremental debt financing from Stonepeak Credit and Oak Hill Advisors (OHA), alongside an incremental $50 million equity investment from Oak Hill Capital. Additionally, Omni Fiber has closed a $10 million working capital facility with Republic Bank & Trust.
The incremental financing from Stonepeak Credit and OHA will fund Omni Fiber’s continued expansion into more communities throughout the Midwest and Texas.
Darrick Zucco, CEO of Omni Fiber, said, “We are grateful that the additional funds will accelerate our rapid expansion to bring fiber-optic connectivity to those who have been previously underserved. We welcome our new funding partners OHA and Republic Bank.”
Scott Baker, managing partner at Oak Hill Capital, added, “We are proud of our strong operating performance driven by the Omni Fiber management team and very pleased with the company’s continued growth. The Oak Hill additional equity investment, together with the incremental financing from debt partners, underscores our belief in the Omni Fiber business model.”
Ryan Roberge, senior managing director at Stonepeak, added, “We continue to be impressed with the Omni Fiber team’s execution of their business plan. We are excited to upsize our investment and continue supporting the team and the high-quality fiber network they are deploying for customers in the Midwest.”
Greg Leveto, portfolio manager and partner at OHA, said, “Omni Fiber has demonstrated strong execution and a clear commitment to expanding high-quality fiber broadband access in underserved communities. We are pleased to partner with Stonepeak and Oak Hill Capital Partners to support the company’s next phase of growth.”
