Sidera seeks $25 million incremental term loan at Libor plus 450 bps

By Sara Rosenberg

New York, Dec. 15 - Sidera Networks Inc. is looking to get a $25 million term loan add-on that it talked at Libor plus 450 basis points with a 2% Libor floor and an original issue discount of 993/4, according to a market source.

SunTrust is the lead bank on the deal that is currently oversubscribed.

Proceeds will be used to help fund the acquisition of Long Island Fiber Exchange Inc., a facilities-based network service provider.

The transaction is expected to close by Dec. 31.

Sidera is a New York-based provider of fiber optic-based network services.

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