Zayo Group announces new debt financing
SEPETMBER 14, 2009 -- Zayo raises additional debt for acquisition of FiberNet Telecom Group.
SEPTEMBER 14, 2009 -- Zayo Group, a regional provider of bandwidth and telecom technologies, has obtained US$30 million of debt financing. CoBank, Royal Bank of Canada, and SunTrust acted as financial advisors on the transaction and provided the additional debt capital. The financing was used to partially fund the company's previously announced acquisition of FiberNet Telecom Group.
"Raising acquisition financing for this transaction is a testament to the quality of the combined business and continued support of the existing lender group," says Ken desGarennes, chief financial officer of Zayo Group. "The continued ability to access capital and execute our strategy has allowed us to extend our network and capabilities to meet the growing bandwidth and collocation needs of our customers," says desGarennes.
The $30 million is in the form of a term loan, adding to the Zayo's existing $135 million in term loans and $15 million revolving credit. CIT is lead arranger and administrative agent on the facility.
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