FirstLight Fiber raises first-lien term loan B size to $415 million

By Sara Rosenberg

New York, June 14 – FirstLight Fiber (Flight Bidco Inc.) upsized its seven-year first-lien term loan B to $415 million from $375 million, according to a market source.

Price talk on the first-lien term loan is still Libor plus 350 basis points with a 0% Libor floor and an original issue discount of 99.5, and the debt still has 101 soft call protection for six months.

The company’s now $560 million of credit facilities, up from $520 million, also include a $55 million five-year revolver and a $90 million eight-year second-lien term loan.

Talk on the second-lien term loan is Libor plus 750 bps with a 0% Libor floor and a discount of 99.

The second-lien term loan has call protection of 102 in year one and 101 in year two.

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

Recommitments are due at noon ET on Monday, 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. The funds from the upsizing will be used with $21 million of incremental equity and $4 million of cash from the balance sheet to pay for the acquisitioný of Maine Fiber Co.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.