Vero Fiber secures $425 million credit facility for network expansion

VFN Holdings Inc., operating as Vero, expanded its credit facility to $425 million with an option to increase total capacity to $585 million, according to a company statement. Hancock Whitney Bank, Texas Capital and J.P. Morgan jointly arranged the facility.

The fiber infrastructure provider will use the funding for fiber-to-the-premise network development, dark fiber solutions, and to support its acquisition of Telephone Electronics Corporation. The expanded facility represents an increase from Vero's previous $310 million credit facility.

Vero operates in 334 markets across 25 states, providing services to wholesale, technology, enterprise and retail customers. The company recently received a $500 million non-control equity investment from Hamilton Lane (NASDAQ: HLNE), Delta-V Capital, and Braemont Capital.

"This expanded facility reflects the confidence our lending partners have in Vero's business model and growth trajectory," said Felipe Penna, Executive Vice President of Finance at Vero. "With robust demand for wholesale fiber accelerating alongside new FTTP market opportunities, we are well-positioned to continue deploying capital into high-returning network builds and complementary acquisitions."

Founded in 2017 and based in Boulder, Colorado, Vero designs and operates fiber infrastructure serving retail consumers, K-12 schools, government entities, enterprises, wireless carriers and cloud providers. The company provides dark fiber, internet access, and private fiber networks through multiple operating brands.

Cruz-Abrams Seigel LLC represented Vero in the transaction.

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