Supports Continued Buildout of State-of-the-Art Fiber-Optic Infrastructure

PRINCETON, N.J.–(BUSINESS WIRE)–Astound, a recognized leader in internet, Wi-Fi, mobile, TV and fiber-optic solutions, today announced the successful completion of a comprehensive refinancing and a commitment of $400 million from Stonepeak, Astound’s largest investor and the world’s largest independent infrastructure firm. The transaction also meaningfully extends Astound’s debt maturities to 2029 and 2030.

With this additional capital and financial flexibility, Astound will further build out its award-winning high-capacity, fiber-powered network while it continues to support its customers and communities. Under Stonepeak’s ownership, Astound has undertaken the fiberization of its network through the construction or upgrade of 800,000 homes. As part of its plan to further increase its fiber footprint across the U.S. over the coming years, Astound has identified more than one million new residential homes for construction of fiber broadband. Astound has already made strides in enhancing its offerings with continued investments in cutting-edge fiber infrastructure and collaborations with top industry players like T-Mobile, eero, and DIRECTV. Recent notable initiatives include Astound’s $22M project in Clallam County, WA, the completion of a 108-mile underground fiber route along Highway 6 in Tillamook, OR, Astound’s $34M investment in Orland Park, IL, and making significant upgrades across its entire existing network. This transaction will serve to support this momentum.

“We are confident that this transaction will provide meaningful benefits to our customers as, with the additional funding and our optimized capital structure, we will be able to enhance our services and continue strengthening our network,” said Jim Holanda, Chief Executive Officer of Astound. “Having access to reliable, high-speed internet is absolutely essential in today’s digital-first world, and we pride ourselves on doing everything we can to provide this to the communities we serve. We are grateful for the support we have received from Stonepeak and our lenders as we continue to grow and innovate for long-term success.”

“We continue to be impressed by Astound’s operational focus and commitment to providing the highest-quality services to its customers and communities. Leveraging our deep expertise in digital infrastructure, Stonepeak will continue to support Astound and we look forward to being a part of this next phase of the Company’s growth,” said Andrew Thomas, Senior Managing Director at Stonepeak.

About Astound

Astound (astound.com) is a trusted provider of internet, Wi-Fi, mobile, TV services, landline phone and fiber-optic solutions, known for innovation, reliability, and award-winning customer care. With a focus on flexibility, value, and community, Astound delivers modern connectivity solutions to both residential and business customers designed for how people live and work today. Astound serves Chicago, Indiana, Eastern Pennsylvania, Massachusetts, New York City, Maryland, Washington, D.C., Texas, and regions throughout California, Oregon, and Washington.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $73 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Cautionary Statement About Forward-Looking Statements

Certain information included in this press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements we make concerning our plans, objectives, goals, strategies, future events, events or developments that management expects or anticipates will or may occur in the future, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. These statements may be identified by the use of words such as “estimates,” “expects,” “anticipates,” “projects,” “forecasts,” “plans,” “intends,” “believes,” “foresees,” “seeks,” “budgeted,” “continue,” “could,” “would,” “potential,” “likely,” “may,” “will,” “should,” “goal,” “target,” “guidance” and variations of these words or similar expressions (or the negative versions of any such words), in connection with any discussion of our future business, results of operations, liquidity and operating or financial performance. Such forward-looking statements involve significant material known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although Astound believe that its plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, such plans, intentions, and expectations may not be achieved. Forward-looking statements speak only as of the date they are made, and Astound is not under any obligation, and expressly disclaims any intent or obligation, to update, alter, or otherwise revise any of the forward-looking statements after such date unless required by law.

Contacts

Media Contacts
Astound
Ann Murphy
astound@sevenletter.com
617-646-1031

Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
646-540-5225

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