Zayo Bandwidth completes $85 million round of debt financing

Nov. 15, 2007
NOVEMBER 15, 2007 -- Today's financing announcement comes on the heels of Zayo's acquisition of Minneapolis, MN-based telecommunications provider Onvoy, the fourth acquisition the company has completed since the end of July. Zayo says it now owns and operates more than 8,400 miles of fiber in the Northeast, the South, and the Midwest.

NOVEMBER 15, 2007 -- Zayo Bandwidth (search for Zayo Bandwidth), regional provider of fiber based bandwidth services, today announced it has secured an $85 million debt facility led by CIT Group Inc., with CoBank and Hercules Technology Growth Capital Inc. as co-sponsors of the facility.

This funding, coupled with $225 million of equity financing provided to Zayo earlier this year by five telecom and Internet private equity firms, provides Zayo with sufficient capital to support its overall growth strategy and acquisitions of fiber-based communications businesses, say company representatives.

Today's financing announcement comes on the heels of Zayo's acquisition of Minneapolis, MN-based telecommunications provider Onvoy, the fourth acquisition the company has completed since the end of July. Zayo Bandwidth now owns and operates more than 8,400 miles of fiber network in the Northeast, the South, and the Midwest.

"Zayo has demonstrated it is a company with a clear vision that is quickly executing on its business strategy," contends Joe Junda, director at CIT. "We believe Zayo has the right experience and business plan in place to grow and be a long term player in the telecom industry," he says.

"Zayo is committed to growing the network and delivering quality services to our customers," adds Dan Caruso, president and CEO of Zayo Bandwidth. "This latest round of financing is in line with our growth strategy and enables us to extend our network to more customer locations as well as pursue additional acquisitions."


Visit Zayo Bandwidth

Sponsored Recommendations

ON TOPIC: Innovation in Optical Components

July 2, 2024
Lightwave’s latest on-topic eBook, sponsored by Anritsu, will address innovation in optical components. The eBook looks at various topics, including PCIe (Peripheral...

PON Evolution: Going from 10G to 25, 50G and Above

July 23, 2024
Discover the future of connectivity with our webinar on multi-gigabit services, where industry experts reveal strategies to enhance network capacity and deliver lightning-fast...

Advancing Data Center Interconnection

July 24, 2024
Data Center Interconnect (DCI) solutions provide physical or virtual network connections between remote data center locations. Connecting geographically dispersed data ...

The Journey to 1.6 Terabit Ethernet

May 24, 2024
Embark on a journey into the future of connectivity as the leaders of the IEEE P802.3dj Task Force unveil the groundbreaking strides towards 1.6 Terabit Ethernet, revolutionizing...