NOVOS FiBER and PRIME FiBER close $75M debt facility in a deal led by Woodforest National Bank

News provided by

Oct 08, 2024, 15:14 ET

DALLAS, Oct. 8, 2024 /PRNewswire/ -- NOVOS FiBER, a retail fiber-to-the-home (FTTH) internet service provider (ISP) and its sister company, PRIME FiBER, a commercial open-access fiber infrastructure company, announced today the closing of their first senior secured debt facility through their holding company, IL Fiber TopCo LLC, giving the companies joint access to up to $175M, including a $100M accordion. The round was led by Woodforest National Bank and the syndicate included Third Coast Bank and Sunflower Bank.

PRIME FiBER logo (PRNewsfoto/NOVOS FiBER)

NOVOS FiBER is currently serving customers across the Dallas-Fort Worth area whilst PRIME FiBER has started a major construction program in Bonita Springs and Naples, Florida. Both NOVOS FiBER and PRIME FiBER are backed by InLight Capital, a private investment firm based in Sugar Land, Texas.

Sutton Fannon, Head of Private Investments at InLight Capital, commented on the deal saying, "This is a sizable facility relative to where we are in our journey and we very much appreciate the trust Woodforest, Third Coast and Sunflower have placed in us." Jarrod Watson, CFO of NOVOS FiBER and PRIME FiBER added, "It's a testament to the team's progress, and the additional capital will enable both businesses to accelerate their projects, particularly in 2025."

Andrew Snead, CEO of NOVOS FiBER and PRIME FiBER, went on to say, "This is a scale game, and the market is becoming increasingly competitive. We're focusing on executing with the right build economics, at speed. Capital is key and we're fortunate to have access to sizable equity and debt funding."

"Our team is excited to lead the credit structuring in support of NOVOS FiBER and PRIME FiBER's, continued expansion," said Ryan Voorhies, Executive Vice President, Group Head TMT Banking of Woodforest National Bank. "The management team has demonstrated an ability to execute, and we believe they'll continue to do well as they expand their infrastructure and operations."

About NOVOS FiBER
NOVOS FiBER is a fiber-to-the-home (FTTH) provider focused on providing affordable and reliable high-speed fiber internet to customers. They place a particularly strong focus on customer service and community engagement. The company was founded by Andrew Snead and is funded by InLight Capital, a Sugar Land based private investment firm.

About PRIME FiBER
PRIME FiBER is an open-access fiber-to-the-home (FTTH) infrastructure provider serving ISPs (Internet Service Providers), infrastructure consolidators and enterprises across the US. PRIME FiBER is funded by InLight Capital, a private investment firm based in Sugar Land, Texas.

About InLight Capital
InLight Capital, LLC ("InLight") is a private investment firm based in Sugar Land, Texas. InLight's permanent capital base allows us to pursue an objective of long duration compounded capital growth. InLight maintains flexibility and discretion of the amount, duration and objectives of its invested capital, allowing for efficient decision making and strategic alignment with all stakeholders. InLight invests across two primary verticals: private investments and real estate.

About Woodforest National Bank
Woodforest National Bank is a leading privately owned bank that has provided excellent customer service since 1980. Woodforest offers a wide variety of services to their customers and has extensive experience in lending with over $6 billion in loans on their balance sheet. The bank offers loans such as lines of credit and term loans to commercial customers.

CONTACT: Lauren Schaefer, [email protected]

SOURCE NOVOS FiBER