Fibertech Networks to launch $500 million-plus term loan on Monday

By Sara Rosenberg

New York, Feb. 7 - Fibertech Networks will hold a call at 2 p.m. ET on Monday to launch an over $500 million term loan that will reprice existing term loan debt and fund a dividend, according to sources.

When done about a year ago, the company's existing term loan was sized at $380 million and wrapped at pricing of Libor plus 350 basis points with a 1% Libor floor.

TD Securities (USA) LLC is the lead bank on the deal and M&T Securities Inc. is a co-arranger.

Pro forma net leverage is 4.1 times, sources added.

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

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