Ziply Fiber revises $790.5 million term loan B discount to 96.25

By Sara Rosenberg

New York, May 21 – Ziply Fiber (Northwest Fiber) tightened the original issue discount on its $790.5 million seven-year term loan B (B2/B) to 96.25 from 95, according to a market source.

Pricing on the term loan remained at Libor plus 550 basis points with a 0% Libor floor, and the debt still has 101 soft call protection for one year.

BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are the leads on the deal.

Proceeds will be used to help fund the recently completed $1,352,000,000 acquisition of Frontier Communications Corp.’s operations and associated assets in Washington, Oregon, Idaho and Montana by WaveDivision Capital LLC, Searchlight Capital Partners LLC, PSP Investments, British Columbia Investment Management Corp. and Canada Pension Plan Investment Board.

The company is also getting $250 million of notes for the transaction.

Ziply Fiber is a Kirkland, Wash.-based broadband provider.

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