FirstLight Fiber to launch $520 million credit facilities on Thursday

By Sara Rosenberg

New York, May 23 – FirstLight Fiber (Flight Bidco Inc.) is scheduled to hold a bank meeting on Thursday to launch $520 million of credit facilities, according to a market source.

UBS Investment Bank, TD Securities (USA) LLC, Jefferies LLC, Credit Agricole, Natixis and RBC Capital Markets are the leads on the deal.

The facilities consist of a $55 million five-year revolver (B2/B-), a $375 million seven-year first-lien term loan B (B2/B-) and a $90 million eight-year second-lien term loan (Caa2/CCC), the source said.

Price talk on the first-lien term loan is Libor plus 350 basis points with a 0% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 750 bps with a 0% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Commitments are due on June 7, the source added.

Proceeds will be used to help fund the buyout of the company by Antin Infrastructure Partners from Oak Hill Capital Partners IV.

Closing is expected in the second half of this year, subject to customary conditions, including required regulatory approvals.

FirstLight is an Albany, N.Y.-based fiber-optic bandwidth infrastructure services provider.

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