Raising acquisition financing for this transaction is a testament to the quality of the combined business and continued support of the existing lender group
Louisville, Colo. (PRWEB) September 14, 2009
Zayo Group , a regional provider of bandwidth and telecom solutions, announced today it has obtained $30 million of debt financing. CoBank, Royal Bank of Canada, and SunTrust acted as financial advisors on the transaction and provided the additional debt capital. The financing was used to partially fund the Company's previously announced acquisition of FiberNet Telecom Group, Inc.
"Raising acquisition financing for this transaction is a testament to the quality of the combined business and continued support of the existing lender group," said Ken desGarennes, CFO of Zayo Group. "The continued ability to access capital and execute our strategy has allowed us to extend our network and capabilities to meet the growing bandwidth and collocation needs of our customers," further commented Mr. desGarennes.
The $30 million is in the form of a term loan, adding to the Company's existing $135 million in term loans and $15 million revolving credit. CIT is Lead Arranger and Administrative Agent on the facility.
About Zayo Group
Based in Louisville, Colo., Zayo Group (http://www.zayo.com) is a regional provider of telecom services - including bandwidth, voice and managed services - to carrier, enterprise, SME and government customers. Zayo Group currently provides its service over a fiber network that spans 129 markets in 23 states. Zayo Group consists of three complementary business units: Zayo Bandwidth, Zayo Managed Services and Onvoy Voice Services. For various Group updates, follow Zayo on Twitter: ZayoGroup.
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