Fibertech launches $235 million term B at Libor plus 500-550 bps

By Sara Rosenberg

New York, Oct. 13 - Fibertech Networks launched its $235 million term loan B on Wednesday with price talk of Libor plus 500 basis points to 550 bps with a 1.5% to 1.75% Libor floor and an original issue discount of 981/2, according to a market source.

The company's $260 million credit facility (B2/B) also includes a $25 million revolver.

TD Securities is the lead bank on the deal.

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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