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Everstream shops $759.5 million credit facilities to investors
By Sara Rosenberg
New York, March 22 – Everstream is in market with $759.5 million of credit facilities, according to a market source.
Societe Generale, Natixis, ING, Santander, SMBC, Cobank, Macquarie Capital (USA) Inc., RBC Capital Markets, TD Securities (USA) LLC and Vantage are the arrangers on the deal that launched on March 10. Societe Generale is the administrative agent.
The facilities consist of a $40 million five-year revolver, a $494.5 million seven-year term loan and a $225 million seven-year final maturity, three-year availability, delayed-draw term loan, the source said.
Price talk on the term loan debt is SOFR+CSA plus 350 basis points with time-based step-ups, a 0% floor and an original issue discount of 99.5 to 99.75.
Commitments are due on April 4, the source added.
Proceeds will be used to refinance existing debt, to finance capital expenditures and permitted acquisitions, and for general corporate purposes.
AMP Capital is the sponsor.
Everstream is a Cleveland-based fiber telecom provider.
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