Fibre network provider Zayo Group has increased the size of its revolving credit facility and amended and extended the terms.
The Colorado-based wholesaler said the changes to the revolver, boosting it from US$250m to US$450m, reflected market…
Fibre network provider Zayo Group has increased the size of its revolving credit facility and amended and extended the terms.
The Colorado-based wholesaler said the changes to the revolver, boosting it from US$250m to US$450m, reflected market conditions and Zayo’s growth in recent years.
SunTrust Bank advised on the transaction, pushing out the maturity of the facility from July 2017 to January 2019, with an option to extend it to April 2020.
Zayo entered into the facility with Morgan Stanley and Barclays in 2012 as part of a raft of financing to fund its US$2.3bn purchase of US broadband connectivity company AboveNet.
The AboveNet transaction was the first step in Zayo’s European expansion. It has since ramped up its presence by buying London-based dark fibre operator Geo Networks and Paris-based bandwidth Infrastructure provider Neo Telecoms. Bankers say it is still on the lookout.
Zayo last tapped the debt market in March when it priced US$730m of senior unsecured notes in a private placement through an add-on to an existing issuance. At the same time it issued new shares.
