Surf Internet doubles debt facility to $200 million

By Marisa Wong

Los Angeles, Dec. 21 – Surf Air Wireless, LLC, which does business as Surf Internet, announced it has secured an upsized $200 million debt facility from its existing lending group consisting of DigitalBridge Credit, a division of DigitalBridge Group, Inc., Canada Pension Plan Investment Board through its subsidiary CPPIB Credit Investments Inc., as well as a new commitment from Boundary Street Capital.

Surf Internet secured the incremental debt capital to support and continue its mission to expand its fiber networks into more communities in the Great Lakes Region, according to a press release.

The upsizing will double the existing $100 million debt facility put in place in February 2023, which was used to fund the company’s 2023 strategic growth plan.

The transaction closed on Dec. 12.

Houlihan Lokey acted as financial advisor and placement agent to Surf Internet, and Kirkland & Ellis LLP acted as legal counsel. White & Case LLP was legal counsel to DigitalBridge Credit as the lead lender.

Surf Internet is a fiber-optic internet company based in Elkhart, Ind.

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