Ropes & Gray represented the investors in Surf Internet’s $407 million fiber asset-backed securitization (ABS). The transaction was announced on March 4.
Surf Internet is a fiber-optic internet company serving the Great Lakes region of Illinois, Indiana, and Michigan. The financing was executed through Surf ABS Issuer LLC, a newly formed, limited-purpose, bankruptcy-remote wholly owned subsidiary, and consists of a $332 million offering of secured fiber network revenue term notes and a $75 million variable funding note facility. The term notes were issued in multiple classes, including Class A-2 Notes rated A-, Class B Notes rated BBB and Class C Notes, which were not rated.
The team was led by finance partners Amir Shmueli and Chris Poggi and capital markets partner Will Michener.
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