What's Happening?
Astound has finalized the construction of a $4.6 million, 55-mile fiber infrastructure project in Newport, Oregon. This project marks the city's first fiber optic network, reaching 5,000 homes and 900 businesses. The construction involved both above-
and below-ground work, including upgrades to the existing hybrid fiber-coaxial network in the South Beach area. Astound, acquired by Stonepeak in 2021, has been active in the Newport region since acquiring CoastCom in 2016. The company recently completed a refinancing deal and secured a $400 million commitment from Stonepeak to extend its debt maturities.
Why It's Important?
The completion of Newport's first fiber optic network is a significant milestone in enhancing the city's digital infrastructure. High-speed internet access is crucial for economic development, education, and quality of life. This project positions Newport as a more attractive location for businesses and residents seeking reliable internet services. The investment by Astound and Stonepeak underscores the growing demand for fiber networks across the U.S., as communities seek to improve connectivity and support digital transformation.
What's Next?
With the network now operational, Newport residents and businesses can expect improved internet services. Astound's continued investment in fiber infrastructure may lead to further expansions in the region. The company's financial strategies, including refinancing and securing additional commitments, suggest a focus on long-term growth and stability in the telecommunications sector.
