Fibertech launches $380 million term loan B at Libor plus 450-475 bps

By Sara Rosenberg

New York, Nov. 8 - Fibertech Networks launched its $380 million covenant-light term loan B at a bank meeting on Thursday with talk of Libor plus 450 basis points to 475 bps with a 1.25% Libor floor and an original issue discount of 991/2, according to a market source.

The B loan has 101 soft call protection for one year.

The company's $430 million credit facility also includes a $50 million revolver.

Commitments are due on Nov. 19, the source said.

TD Securities (USA) LLC is the bookrunner and lead arranger on the deal. M&T Securities Inc. and UBS Securities LLC are co-arrangers and co-syndications agents.

Proceeds will be used to refinance existing debt and fund a dividend.

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

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