Fidium Completes $1.3 Billion Asset-Backed Securitization

Paul, Weiss advised Searchlight Capital Partners, LLC and its portfolio company Fidium, a next-generation fiber internet and network services company, on a fiber securitization transaction comprised of $1.283 billion in asset-backed notes. The proceeds of the transaction will be used to repay existing debt and to support the company’s planned fiber network expansion, among other purposes.

The asset-backed term notes issued were all Series 2025-4 notes due December 2030: $977.8 million in 5.5% Class A-2 notes, $144.5 million in 5.8% Class B notes and $160.6 million in 8.1% Class C notes. All are secured by existing and future fiber-enabled customers across certain states and the fiber optic and network infrastructure to support these customers.

The Paul, Weiss team was led by corporate partner Mikhel Schecter and included partner Robert Zochowski; and tax partner Reuven Garrett.