Fibertech ups spread on $380 million term B to Libor plus 350 bps

By Sara Rosenberg

New York, Feb. 28 - Fibertech Networks increased pricing on its $380 million covenant-light term loan B to Libor plus 350 basis points from Libor plus 325 bps, according to a market source.

As before, the loan has a 1% Libor floor, a par issue price and 101 soft call protection for one year.

Proceeds are being used to reprice an existing term loan from Libor plus 450 bps with a 1.25% Libor floor.

Existing lenders are getting paid down at 101 with the repricing.

TD Securities (USA) LLC, M&T Securities Inc. and UBS Securities LLC are leading the deal.

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

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