Open Infra US Assets AB (publ) publishes interim financial report for Q1 2024.
On the 8th of February, 2024, Open Infra US Assets AB (publ) issued a bond of USD 50m. A condition precedent to release the cash was to finalize the execution of restructuring the American entities and to make the subsidiary Open Infra East Inc the designated company to hold all deployed fiber networks. In order to complete the restructuring, we needed a confirmation for the governing authorities to transfer the license to operate fiber networks in Texas to Open Infra East Inc.
The confirmation was delivered on the 3rd of May and on the 13th of May the reorganization was executed.
The financials presented in this financial report are therefore not relevant in terms of the effects that the reorganization had on the business, since it includes roll-out related costs and capex.
The new financing structure ensures that Open Infra US Assets AB (publ) only owns and manages deployed fiber networks. On a monthly basis it will acquire newly connected houses from its sister company, Open Infra Inc. Open Infra Inc also operates the network and charges a monthly fee.