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Fidium Closes on $1.283 Billion Asset Backed Securitization

via Business Wire

Second ABS financing enhances Fidium’s capital structure as it executes on its growth plan and vision to become America’s favorite and fastest-growing fiber service provider

Fidium (the “Company”) today announced the closing of its second fiber securitization transaction (the “Transaction”) consisting of asset-backed term notes (the “Notes”) totaling approximately $1.283 billion, secured by all existing and future fiber-enabled customers across certain states and the fiber optic and network infrastructure to support these customers. The Transaction follows the successful May 2025 issuance of $1.344 billion of asset-backed term notes.

The Notes were issued in three classes consisting of $977.8 million 5.5% Series 2025-4, Class A-2 notes, $144.5 million 5.8% Series 2025-4, Class B notes, and $160.6 million 8.1% Series 2025-4, Class C notes, each with an anticipated repayment date of December 2030. Collectively, the Notes have a weighted average coupon of approximately 5.9%.

"We are pleased to build on the success of our inaugural asset backed securitization financing earlier this year through this most recent transaction, which underscores the favorable trajectory of our business and the strong, growing value of our fiber infrastructure,” commented Fred Graffam, chief financial officer at Fidium. “With an attractive, long-term capital structure in place, we are well-positioned to continue executing on our growth plan and the expansion of Fidium to communities across our service territory.”

The proceeds of the Transaction will be used to, among other things, repay certain existing indebtedness, including a portion of the outstanding revolving warehouse facility, and for general corporate purposes, including the Company’s growth initiatives and expansion of its fiber network.

Morgan Stanley & Co. LLC acted as sole structuring agent and lead left active bookrunner.

Goldman Sachs & Co. LLC, Guggenheim Securities, LLC, Jefferies LLC, J.P. Morgan, RBC Capital Markets, LLC, Santander US Capital Markets LLC, Scotia Capital (USA) Inc., UBS Investment Bank and Wells Fargo Securities, LLC acted as active bookrunners. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as counsel to Fidium and King & Spalding served as counsel to the initial purchasers in the offering.

About Fidium

Fidium is a next-generation fiber internet and network services company on a mission to be America’s favorite fiber provider. Serving people who expect more from their connectivity, Fidium delivers lightning-fast, reliable internet that’s refreshingly easy to use. With future-ready technology, a customer-first approach, and a growing national fiber footprint, Fidium is redefining what “better internet” means: fast speeds, simpler experiences, and service that’s actually helpful.

Available in more than 700 communities, Fidium connects people to the possibilities of fiber – from homes and small businesses to large enterprises, schools, hospitals and entire communities. Backed by one of the nation’s top 10 fiber networks and a commitment to continuous innovation, we’re powering work, life, learning and opportunity. Fiber Up and learn more at FidiumFiber.com.

Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are statements that could be deemed forward-looking statements, including, without limitation, statements containing the words “believe,” “expect,” “anticipate,” “estimate,” “project,” “intend,” “plan,” “should,” “may,” “will,” “would,” “will be,” “will continue” or similar expressions and statements regarding the Company’s future results, strategy and operations as a private company. These forward-looking statements are based on the Company’s current expectations, plans, strategies and anticipated financial results and involve a number of risks, uncertainties and conditions that may cause the Company’s actual results to differ materially from those expressed or implied by these forward-looking statements, including, without limitation, significant competition in all parts of our business and among our customer channels; our ability to adapt to rapid technological changes; shifts in our product mix that may result in a decline in operating profitability; continued receipt of support from various funds established under federal and state laws; disruptions in our networks and infrastructure and any related service delays or disruptions could cause us to lose customers and incur additional expenses; cyber-attacks may lead to unauthorized access to confidential customer, personnel and business information that could adversely affect our business; our operations require substantial capital expenditures and our business, financial condition, results of operations and liquidity may be impacted if funds for capital expenditures are not available when needed; our ability to obtain and maintain necessary rights-of-way for our networks; our ability to obtain necessary hardware, software and operational support from third-party vendors; our ability to enter into new collective bargaining agreements or renew existing agreements; our ability to attract and/or retain certain key management and other personnel in the future; risks associated with acquisitions and the realization of anticipated benefits from such acquisitions; increasing attention to, and evolving expectations for, environmental, social and governance initiatives; unfavorable changes in financial markets could affect pension plan investments; and weak economic conditions. Many of these circumstances are beyond the Company’s ability to control or predict. Moreover, forward-looking statements necessarily involve assumptions on our part. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements that appear throughout this press release. Furthermore, undue reliance should not be placed on forward-looking statements, which are based on the information currently available to us and speak only as of the date they are made. Except as required by law, we disclaim any intention or obligation to update or revise publicly any forward-looking statements.

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