US backbone operator Zayo Group has increased the size of its loan facility by US$150m and also amended its revolver.
Zayo upped its loan facility from US$1.6bn to US$1.75bn and lowered the interest rate from Libor plus 3.5% to Libor plus 3%. The loan…
US backbone operator Zayo Group has increased the size of its loan facility by US$150m and also amended its revolver.
Zayo upped its loan facility from US$1.6bn to US$1.75bn and lowered the interest rate from Libor plus 3.5% to Libor plus 3%. The loan re-priced at par.
Meanwhile, the interest it pays on its revolver will fall by 0.25% to Libor plus 2.75%. Zayo said that the changes will save it US$2m a year in interest payments. It intends to use the additional US$150m for general corporate purposes.
Morgan Stanley, Barclays Capital and RBC Capital Markets served as joint bookrunners, and Citigroup, Goldman Sachs, SunTrust and UBS were co-managers on the term loan re-pricing. SunTrust also acted as the agent on the revolver.
Colorado-based Zayo offers wholesale services to consumer-facing telcos. It operates a 75,000 mile-plus fibre network which serves thousands of towers and hundreds of data centres and carrier PoPs.
