Zayo Group announces it has completed its latest round of fund raising totaling $315 million in a five-year term loan. The loan was marketed by RBC Capital Markets, Barclays Capital and SunTrust and allocated to 25 institutional investors.
The funds will be used to complete the recently announced $345M acquisition of 360networks. The remainder of the purchase price and transaction expenses will be funded with cash on hand. The response Zayo has received to this debt offering provides the continued ability to access capital in support of its business growth.
Following the 360networks acquisition, Zayo’s pro-forma combined indebtedness as of September 30, 2011 is approximately $710.5 million, versus an estimated pro forma Adjusted EBITDA of $197.0 million, for leverage of 3.6x, according to a filing the Company made with the SEC on November 15, 2011.
For more information on Zayo, visit www.zayo.com.
