Cogent Reports Wavelength Surge and Sets Debt Moves to Speed Deleveraging

Overview

• Wavelength revenue rose 90.8% year over year and 83% of new sales were on‑net, lifting profitability as management reported a 150‑basis‑point margin gain.
• The company added $174.4 million of new IPv4‑backed debt at 6.646% and issued $600 million of 6.5% secured notes due 2032 to bolster liquidity.
• Management plans to sell 10 former Sprint data centers in early summer 2026 to pay down debt and to refinance $750 million of unsecured notes after June 15 using secured debt.
• Executives said a majority of 2032 noteholders agreed in principle to amend the indenture to raise secured debt capacity, which would smooth the planned refinancing.
• Leaders warned that equipment price hikes, DRAM shortages and delivery windows up to 15 months, plus limits on customer power and GPUs, are delaying some high‑capacity fiber link installs.