Zayo to save $2 million after refinancing
Last Updated: 15:58 December 2, 2013
Boulder-based Zayo said it would use the loan money for general corporate purposes, according to a press release. The company provides Internet bandwidth infrastructure and related services.
Zayo's previous $1.6 billion loan was increased to $1.75 billion in the transaction, according to the release. Zayo is expected to pay interest on the loan of 3 percent, instead of the previous 3.5 percent, according to the release. Financial companies Morgan Stanley, Barclays Investment Bank and RBC Capital Markets served as joint bookrunners in the transaction. Citigroup, Goldman Sachs, SunTrust and UBS AG served as co-managers on the loan re-pricing. SunTrust acted as the agent on the revolving credit facility, according to the press statement.
In November, Zayo reported revenue of $264.3 million for the fiscal quarter ending Sept. 30, along with a net loss of $27.9 million. Revenue was up $32.8 million compared with the same period a year ago and up $6.1 million compared with the previous quarter.
Zayo said the revenue came from growth related to sales and expansion of its network, as well as to acquisition-related activity. The company acquired network companies Access Communications Inc. for $40.1 million and FiberLink LLC for $43 million in recent months.
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