Bluebird Network, a communications infrastructure provider and operator of more than 11,000 miles of fiber and two data centers, received $285 million in five-year senior secured credit facilities. TD Securities acted as lead left arranger on the financing and is the administrative agent for the credit facilities.
Bluebird Network used proceeds from the credit facilities were used to refinance its existing indebtedness and will use the remaining proceeds to fund ongoing capital expenditures, including network upgrades, expansion into new markets and an awarded Middle Mile grant build.
“We’re thrilled to announce the closing of this refinancing,” Michael Morey, president and CEO of Bluebird Network, said. “It’s a point of pride that we’re viewed by lenders as a trustworthy company to work with.”
Over the past year, Bluebird Network has built more than 360 new route miles of fiber and expanded into several additional markets throughout Missouri, Illinois and Iowa. This new financing provides Bluebird Network with the capital to execute development plans in accordance with the company’s strategic vision to have a fiber presence in 80% of cities with a population of 10,000 people or more across its 11-state footprint in the Midwest.
Beyond market densification projects, in 2024, Bluebird is planning additional long-haul fiber routes and recently completed an underground river crossing in St. Louis, traversing the Mississippi River and adding a new route to its network offerings. In 2023, the company was awarded a grant as part of the U.S. Department of Commerce’s Enabling Middle Mile Broadband Infrastructure Program. The grant will be used to build a route connecting St. Louis and Tulsa, OK, which is expected to be completed over the next four years.
“The upsized credit facilities will enable us to execute goals we’ve laid out for 2024 and beyond,” Morey said. “This includes growing our fiber network and continuing to take advantage of strategic opportunities as they may arise.”
