Brightspeed’s Fiber Asset Bet Meets $11 Billion Debt Test

Brightspeed’s yearslong nationwide fiber build-out created valuable assets but saddled the telecommunications company with roughly $11 billion of debt as it looks to secure fresh capital and sets itself up for a sale. The Apollo Global Management-backed broadband provider, which raised nearly $5.9 billion of capital over the last two years, is burning through cash because of the massive capital expenditures required to build out its fiber assets. Brightspeed plans to raise capital again this year through an asset-backed financing facility secured by subscription cash flows from its new fiber network.