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Fibertech firms $380 million term loan B pricing at Libor plus 450 bps
By Sara Rosenberg
New York, Nov. 26 - Fibertech Networks finalized pricing on its $380 million covenant-light term loan B at Libor plus 450 basis points, the tight end of the Libor plus 450 bps to 475 bps talk, according to a market source.
The loan still has a 1.25% Libor floor, an original issue discount of 99½ and 101 soft call protection for one year.
The company's $430 million credit facility (B2/B+) also includes a $50 million revolver.
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 to fund a dividend.
Fibertech is a Rochester, N.Y.-based provider of fiber optic bandwidth services.
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