Zayo Group Completes AboveNet Round of Fundraising
02 Luglio 2012 - 4:24PM
Marketwired
Zayo Group, LLC today completed $3.34 billion in equity and debt
financing in conjunction with the close of its previously announced
acquisition of AboveNet, Inc. (NYSE: ABVT) and the refinancing of
all existing Zayo and AboveNet debt. GTCR LLC, a leading
Chicago-based private equity firm, led a $472 million round of new
equity financing. Zayo also closed on $2.87 billion of new debt in
the form of a term loan and senior secured and unsecured notes,
plus a $250 million revolving credit facility which is undrawn.
At the time of the AboveNet acquisition announcement on March
19th, Zayo's parent Communications Infrastructure Investments, LLC
received new equity commitments from new investor GTCR and existing
investor Charlesbank Capital Partners. An additional group of
existing investors (including Battery Ventures and Centennial
Ventures) and new and existing limited partners also chose to
participate in the equity round. The new equity investments closed
on July 2, 2012 and totaled $472 million.
"GTCR is excited to play a key role in this transformative event
for Zayo," said Phil Canfield, Principal at GTCR. "We believe that
the combination of Zayo's management, the combined Zayo and
AboveNet assets and the broader bandwidth infrastructure tailwinds
will create value for Zayo shareholders."
Zayo also closed on $2.87 billion of new debt financing plus a
new $250 million revolving credit facility that remains undrawn.
The debt financing consisted of a $1.62 billion term loan due in
2019, $750 million of 8.125% Senior Secured First-Priority Notes
due 2020 and $500 million of 10.125% Senior Unsecured Notes due
2020. Strong demand across all debt tranches led to upsizing the
term loan by $120 million. The additional proceeds will be used for
general corporate purposes and liquidity.
"Zayo welcomes our new equity and debt investors, as well as
current investors who have provided continued support of our
growing business," said Ken desGarennes, CFO of Zayo Group. "We are
pleased with the market reception to our recent fundraising effort,
particularly given the uncertainty in the broader markets."
Zayo has also accepted for purchase $347 million or
approximately 99% of the $350 million of its 10.25% Senior Secured
First-Priority Notes due 2017 that were validly tendered and not
validly withdrawn at the expiration of the previously announced
tender offer and consent solicitation. Zayo plans on redeeming the
remaining approximately $3 million of existing notes on August 1,
2012 in accordance with the terms of the indenture governing the
existing notes.
Morgan Stanley and Barclays Capital served as joint bookrunners
on the notes offerings. Morgan Stanley, Barclays Capital and RBC
Capital served as joint bookrunners on the term loan facility.
SunTrust is acting as the agent on the revolving credit
facility.
For more information on Zayo, please visit www.zayo.com and the
investor relations center at www.zayo.com/investor-center.
About Zayo Based in Louisville, Colo.,
privately owned Zayo Group (www.zayo.com) is an international
provider of fiber-based bandwidth infrastructure and
network-neutral colocation and interconnection services. Zayo
serves wireline and wireless carriers, data centers, internet
content and services companies, high bandwidth enterprises as well
as federal, state and local government agencies. Zayo provides
these services over regional, metro, national, international, and
fiber-to-the-tower networks. Zayo's network assets include over
61,000 route miles, covering 45 states plus Washington, D.C. as
well as London, Paris, Amsterdam, Frankfurt, Toronto and Tokyo.
Additionally, Zayo has approximately 9,000 buildings and 2,400 cell
towers on-net, and over 136,000 square feet of billable colocation
space. On June 5, 2012 Zayo announced its agreement to acquire
FiberGate, a Dark Fiber provider in the Washington, D.C. area which
is expected to close during the third quarter of 2012.
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