Gateway Fiber, a leading fiber-to-the-home internet provider, is pleased to announce the closing of a senior secured debt facility, providing additional funding for the provider to continue expanding its growing network.
WRIGHT CITY, Mo., May 28, 2024 /PRNewswire-PRWeb/ -- Gateway Fiber, a leading fiber-to-the-home internet provider, is pleased to announce the closing of a senior secured debt facility, providing additional funding for the provider to continue expanding its growing network.
Exceeding its initial fundraising target, Gateway raised $175.5 million of debt financing with Texas Capital Bank acting as the Administrative Agent and Texas Capital Securities as Lead Arranger alongside four joint lead arrangers: Hancock Whitney Bank, JPMorgan Chase Bank, Sunflower Bank, and Third Coast Bank.
"We're excited about this new partnership with Texas Capital Bank and our lending group. We can now accelerate our growth plans across multiple markets," said Gateway Fiber president Chris Surdo.
The combination of the new credit facility and the ongoing support of Gateway's equity sponsor, CBRE Investment Management, a leading global real assets investment management firm with $144.0 billion in assets under management as of March 31, 2024, provides Gateway ample capital to pursue expansion in three key markets – Missouri, Minnesota, and Massachusetts.
"The Gateway team has proven their ability to expand into attractive markets and acquire customers with a customer-first approach, validating the platform's execution capabilities and the market's demand for fiber," said Noi Spyratos, Managing Director, Private Infrastructure at CBRE Investment Management.
"We appreciate the tremendous support of our lenders and CBRE IM," said Gateway Fiber CFO Betsy Toney. "With a strong balance sheet and great capital partners, we are confident in expanding our platform and taking advantage of opportunities in the FTTH market. As we grow, we will continue to invest in our capabilities to ensure continued best-in-class quality of service for our customers."
About Gateway Fiber
Gateway Fiber is on a mission to positively impact communities through a better internet. As data requirements for residences and businesses continue to expand, Gateway is creating a leading, national fiber-to-the-home platform to serve this critical unmet need. Gateway provides faster, more reliable internet with a simple pricing model and industry-leading customer service. For more information, visit gatewayfiber.com.
About Texas Capital
Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank d/b/a Texas Capital, is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs, and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations, and service terms. Member FDIC. For more information, please visit www.texascapital.com.
About Texas Capital Securities
TCBI Securities, Inc., doing business as Texas Capital Securities ("TCS"), is a member of FINRA and SIPC and has registered with the SEC, MSRB and other state securities regulators as a broker dealer. TCS is a subsidiary of Texas Capital Bank. Securities and other investment products offered by TCS are not FDIC insured, may lose value and are not bank guaranteed. TCS does not provide legal, tax or accounting advice.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $144.0 billion in assets under management* as of March 31, 2024, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world's largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE's data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management's presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
Media Contact
David Workman, Gateway Fiber, 1 314-265-8974, [email protected], https://www.gatewayfiber.com/
SOURCE Gateway Fiber
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