Lumos Secures $1.1B Green Infrastructure Debt Funding
Lumos Fiber (Lumos) has achieved a remarkable milestone by securing $1.1 billion in sustainability-focused infrastructure financing.
This strategic funding will play a crucial role in realising Lumos' ambitious plans for expanding its fibre network and restructuring existing financial commitments.
Notably, this marks a groundbreaking development as it signifies the first-ever project finance-style infrastructure financing for Fibre-to-the-Home (FTTH) in the United States within an already established and integrated FTTH framework. Additionally, it introduces an innovative sustainability-linked financing model, marking a pioneering step for FTTH projects in the US.
This significant financial accomplishment reinforces Lumos' prominent position as a leading provider of FTTH services in the US. The company's cutting-edge rollout capabilities and impressive scalability stand as a testament to its role as an industry frontrunner. Equally significant is Lumos' unwavering dedication to Environmental, Social, and Governance (ESG) principles, which continues to drive its operations and decisions.
Brian Stading, Lumos' CEO, expressed his enthusiasm for this pivotal development, stating, "Today's announcement is a source of great excitement, propelling Lumos towards the realisation of our long-term fibre expansion vision." Stading further highlighted the alignment between Lumos and its financial partners, who share a common goal of constructing resilient infrastructure that enhances the lives of community members.
Nirav Shah, EQT Partner, echoed this sentiment, expressing pride in contributing to Lumos' mission of providing high-quality fibre broadband to underserved regions across the Mid-Atlantic and Southeastern US. Shah extended appreciation towards the collaborative efforts of financing partners in furthering Lumos' impactful mission.
Lumos, as a frontrunner in delivering fibre internet services, remains committed to catalysing positive transformation within the telecommunications sector. Operating as a conscientious steward of the environment, economy, and society, Lumos integrates sustainability into its endeavours.
Notably, the novel financing arrangement incorporates a sustainability-linked mechanism that ties the loan's interest rate to a range of targets aligned with Lumos and EQT's overarching mission, underscoring the company's dedication to driving meaningful change.
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Source: Lumos
