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    1. Business

    Zayo raises funds for 360networks acquisition

    Dec. 6, 2011
    Zayo Group says it has raised $315 million in the form of a five-year term loan. The funds will be used to complete the recently announced $345 million acquisition of 360networks.

    Zayo Group says it has raised $315 million in the form of a five-year term loan. The funds will be used to complete the recently announced $345 million acquisition of 360networks (see "Zayo expands again with 360Networks acquisition").

    The remaining $30 million on the purchase price as well as transaction expenses will come from cash on hand, Zayo says.

    The loan was marketed by RBC Capital Markets, Barclays Capital and SunTrust and allocated to 25 institutional investors. Zayo says its pro-forma combined indebtedness as of September 30, 2011 is approximately $710.5 million, versus an estimated pro forma adjusted EBITDA of $197.0 million, for leverage of 3.6X, according to a filing the company made with the SEC on November 15, 2011.

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