Fibertech to launch $135 million add-on term B, repricing on Monday

By Sara Rosenberg

New York, Feb. 7 - Fibertech Networks will hold a call at 2 p.m. ET on Monday to launch a fungible $135 million add-on term loan B and a repricing of its existing term loan B, according to market sources.

When originally placed in December 2012, the term loan B was sized at $380 million and, subsequently in February 2013, it was repriced to Libor plus 350 basis points with a 1% Libor floor.

With this transaction, the total term loan B size, including the add-on, will exceed $500 million, sources said.

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

Proceeds from the add-on debt and cash on hand will be used to fund a dividend.

Pro forma net leverage is 4.1 times all senior, sources added.

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

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