Fibertech Networks to launch $260 million credit facility Wednesday

By Sara Rosenberg

New York, Oct. 12 - Fibertech Networks is scheduled to hold a bank meeting on Wednesday to launch its proposed $260 million credit facility, according to a market source.

TD Securities is the lead bank on the deal.

The facility consists of a $25 million revolver and a $235 million term loan, the source said.

Proceeds will be used to help fund the buyout of the company by Court Square Capital Partners from Nautic Partners and Ridgemont Equity Partners.

Other funding for the transaction will come from equity contributed by investment funds managed by Court Square, as well as investments by the senior management of Fibertech.

Closing is expected later this year, subject to customary conditions, including all required regulatory approvals.

Fibertech is a Rochester, N.Y.-based provider of fiber optic bandwidth services.

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