US infrastructure operator Fibertech Networks has agreed a US$135m term loan which will be added to its existing senior secured credit facility.
It will go towards funding a special dividend of US$159m to Fibertech’s investor, private equity firm…
US infrastructure operator Fibertech Networks has agreed a US$135m term loan which will be added to its existing senior secured credit facility.
It will go towards funding a special dividend of US$159m to Fibertech’s investor, private equity firm Court Square Partners.
Fibertech will finance the other US$24m of the dividend using existing cash. A spokesperson for the company, which builds and operates urban fibre networks, said that Toronto Dominion and M&T Bank were mandated to arrange the new loan.
In a memo ratings agency Moody’s said that the Fibertech’s facility that the new loan would be added to currently comprised a US$50m revolver and a US$380m term loan. It rated the add-on at B2, the same as Fibertech’s main facility.
Fibertech operates in 23 metropolitan markets across the northeast of the US.
