BIG Fiber announced the closing of a $250 million debt facility led by Stonepeak Credit and La Caisse, with an additional $100 million accordion feature, as the dark fiber infrastructure company accelerates expansion across key U.S. markets.
The financing follows BIG Fiber’s 2024 milestone of securing the first-ever green loan in the dark fiber sector and significantly expands the company’s financial capacity. Backed by sponsors Columbia Capital and SDC Capital Partners, the company said the new capital positions it to meet increasing infrastructure demands driven by the AI era.
According to the company, proceeds from the financing will be used to refinance existing debt, provide new capital, and support network expansions already underway. One of the major projects includes a multi-market expansion in Greater Atlanta that will add more than 205 route miles and 165,000 fiber miles to BIG Fiber’s network footprint.
Following the expansion, BIG Fiber said its Atlanta and San Francisco Bay Area networks will total approximately 850 route miles and more than 3 million fiber miles. The company noted that projects are currently under construction or under contract, with phased Ready for Service dates expected in early 2027.
Founded in 2019 and headquartered in Sunnyvale, California, BIG Fiber operates underground metro dark fiber networks serving data centers, hyperscalers, and enterprise customers in the San Francisco Bay Area, Greater Portland, and Greater Atlanta regions.
Stonepeak Credit is the credit investing arm of Stonepeak, an infrastructure-focused alternative investment firm with approximately $88 billion in assets under management. La Caisse, formerly CDPQ, manages more than CAD 517 billion in net assets and invests across public markets, private equity, infrastructure, real estate, and private credit.
KEY QUOTES:
“Our partnership with Stonepeak Credit and La Caisse marks a pivotal moment in our mission to empower our customers with highly scalable and purpose-built dark fiber solutions. This financing ensures we have the scale to stay ahead of the escalating demand for modernized infrastructure enabling the AI ecosystem and the necessary digital highways for decades to come.”
Bruce Garrison, CEO, BIG Fiber
“BIG Fiber’s infrastructure delivers critical bandwidth to meet the insatiable demand for both data and compute capacity across its key markets. We are proud to partner with Columbia Capital, SDC Capital Partners, and La Caisse to support the company’s next leg of growth as it positions itself as one of the preeminent dark fiber operators in the country.”
Arun Varanasi, Managing Director, Stonepeak Credit
“BIG Fiber is well positioned to meet the growing connectivity needs of enterprises and data centers seeking new, high-quality infrastructure options. Its resilient business model, underpinned by long-term contracts and strong structural demand, positions the company well for growth. Together with Stonepeak Credit, we’re providing a tailored financing solution that supports the continued buildout of essential digital infrastructure.”
Jérôme Marquis, Managing Director And Head Of Private Credit, La Caisse
