Listen to this article
Astound, which provides internet, Wi-Fi, mobile, TV and fiber-optic solutions in the Lehigh Valley, said it has successfully completed a comprehensive refinancing and a commitment of $400 million from Stonepeak,
Stonepeak is Astound’s largest investor and the world’s largest independent infrastructure firm.
With this additional capital and financial flexibility, Astound said it will work to build out its network.
Under Stonepeak’s ownership, Astound said it has undertaken the fiberization of its network through the construction or upgrade of 800,000 homes.
The company plans to increase its fiber footprint across the U.S. over the coming years and has identified more than one million new residential homes for construction of fiber broadband.
“We are confident that this transaction will provide meaningful benefits to our customers as, with the additional funding and our optimized capital structure, we will be able to enhance our services and continue strengthening our network,” said Jim Holanda, CEO of Astound. “Having access to reliable, high-speed internet is absolutely essential in today’s digital-first world, and we pride ourselves on doing everything we can to provide this to the communities we serve. We are grateful for the support we have received from Stonepeak and our lenders as we continue to grow and innovate for long-term success.”