Connext Networks, a Utah fiber infrastructure provider serving business and retail internet customers, completed a $70 million credit facility, including a $50 million accordion, arranged by Woodforest National Bank. Connext will use the newly committed funds to accelerate deployment of its fiber optic network across Utah and to continue to serve its local communities with the highest quality customer service.
This transaction represents Connext’s inaugural credit facility, and supplements previous equity investments made by the management team as well as Harlan Capital Partners.
“Securing this new financing is an exciting next evolution to our company, meaning we can build faster and accelerate our growth,” David Brown, CEO of Connext, said. “We have ambitions to be the leading broadband internet provider in Utah.”
“Together with our credit partners, we are pleased to support Connext’s continued expansion of its fiber optic network across Utah and to help accelerate the build out of high-quality connectivity solutions to serve customers in the markets within which it operates,” Randy Humphreys, executive vice president, TMT Banking, of Woodforest National Bank, said.
“We are very excited for the partnership between Connext and Woodforest. The Connext team has demonstrated that they can deliver a high-quality internet service product, and we are excited to use the new funds to continue to expand the company’s network footprint as fast as possible,” Josh Harlan, founder and managing partner of Harlan Capital, said.
Bank Street Group served as exclusive financial advisor and placement agent to Connext in connection with the transaction. Connext was also represented by the law firm of Greenberg Traurig.
