Vero Fiber, a nationwide fiber infrastructure provider serving wholesale, technology, enterprise and retail internet customers, expanded its existing credit facility to $425 million of committed capital. The facility includes an accordion feature providing up to $585 million of total capacity and was jointly arranged by Hancock Whitney Bank, Texas Capital and J.P. Morgan. Vero was able to complete this facility expansion exclusively with increased commitments from existing participants in the syndicate.
Vero will utilize this credit facility to continue its investment in fiber-to-the-premise (FTTP) and dark fiber network solutions, as well as to support the previously announced acquisition of Telephone Electronics. The expanded facility ensures sufficient capital for critical market expansions as Vero advances its mission to deliver digital communications and connectivity services to underserved markets throughout the United States.
This transaction represents a material expansion from its previous $310 million credit facility and comes on the heels of the recently closed non-control $500 million equity investment made by Hamilton Lane, Delta-V Capital and Braemont Capital.
“This expanded facility reflects the confidence our lending partners have in Vero’s business model and growth trajectory,” Felipe Penna, executive vice president of finance at Vero, said. “With robust demand for wholesale fiber accelerating alongside new FTTP market opportunities, we are well-positioned to continue deploying capital into high-returning network builds and complementary acquisitions.”
Jeremy Jones, head of specialty lending at Hancock Whitney, said, “We appreciate the opportunity to serve as lead on this important capital raise and are impressed by the lending group’s strong support of Vero. We look forward to a partnership that allows Hancock Whitney to continue supporting Vero’s investments in quality digital communications and connectivity for communities across the country with the greatest needs for these resources and services.”
Vero was represented by the law firm of Cruz-Abrams Seigel.
