Houlihan Lokey Advises Surf Internet

Houlihan Lokey is pleased to announce that Surf Internet (Surf), a portfolio company of Bain Capital Credit and Post Road Group, has raised $175 million in new equity funding and secured an upsized $300 million debt facility, reinforcing its commitment to delivering fiber-optic broadband to underserved communities across the Great Lakes Region. The upsized debt facility increases the existing facility by $100 million and follows a year of continued growth. The equity transaction closed on February 13, 2025, while the debt transaction closed on February 3, 2025.

Surf, a leading fiber-optic high-speed internet service provider in the Great Lakes Region, announced that it has raised $175 million in new equity funding and secured an upsized $300 million debt facility. The equity investment was led by Macquarie Capital, with participation from existing investors Bain Capital and Post Road Group. The debt upsize, led by DigitalBridge Credit, includes a new commitment from global investment group CDPQ, along with participation from Boundary Street Capital and Liberty Mutual Investments. This builds upon Surf’s existing $200 million debt facility, which includes prior lending commitments from the Canada Pension Plan Investment Board.

The combined financing of the new equity investment and debt upsizing strengthens the company’s ability to scale and maintain long-term financial stability and supports Surf’s mission to transform broadband access in Indiana, Illinois, and Michigan. These investments will help Surf execute its 2025 growth plan, targeting 275,000 fiber passings while enhancing multigig capabilities to meet rising connectivity demands.

Houlihan Lokey served as the exclusive financial advisor and placement agent to Surf on both transactions.

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