03:56 PM EDT, 08/13/2024 (MT Newswires) -- Apollo Global Management's ( APO ) Brightspeed said Tuesday it secured $3.7 billion in new financing to eliminate $1.1 billion in debt.

Brightspeed completed the transaction with financial stakeholders, including all of its secured lenders and funds managed by Apollo, to fund its fiber build.

Brightspeed can also pursue up to $4.7 billion in funding through the Broadband Equity, Access and Deployment Program, subject to certain conditions, the company said.

The company appointed Michel Combes as board chair, effective immediately, succeeding Bob Mudge, who will continue to serve on the board.

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