NOVOS FiBER and PRIME FiBER are investing $130 million in Phoenix, Arizona, to establish high-speed fiber internet. Both companies, recently formed and backed by InLight Capital, focus on connecting residences and small businesses. CEO Andrew Snead emphasized the strategic importance of Phoenix and the swift commencement of construction for their services. Previously, they announced expansions in Florida and secured a $75 million debt facility, positioning them for significant market presence in Texas, including an additional $20 million investment in Arlington planned for 2024, further illustrating their growth strategy.
"Phoenix is a highly strategic market for us," NOVOS FiBER and PRIME FiBER CEO Andrew Snead said in the investment announcement. "We are delighted to start construction in the city and look forward to bringing residents and small businesses high-speed fiber internet in the coming weeks."
That announcement also said that NOVOS FiBER and PRIME FiBER had closed their first senior secured debt facility, which was for $75 million. It was done through its holding company, IL Fiber TopCo LLC.
In January, 2024, Snead told Telecompetitor that it would be investing at least $20 million in Arlington, Texas. At the time, it was NOVOS FiBER's second service area in Texas but the first to be publicly announced.
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