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Oxford Networks readies launch of new credit facility for Tuesday
By Sara Rosenberg
New York, July 7 – Oxford Networks is scheduled to hold a bank meeting on Tuesday to launch a new senior secured credit facility that will help fund its purchase by Oak Hill Capital Partners and merger with FirstLight Fiber, a company that Oak Hill agreed to buy from Riverside Partners in March, according to a market source.
TD Securities (USA) LLC is the bookrunner on the deal, and a joint lead arranger with Citizens Bank, Pacific Western Bank and Webster Bank.
Other funds for the transaction will come from a second-lien facility that has been directly placed.
Oxford Networks is being acquired from Novacap and Bank Street Capital Partners.
Novacap, Bank Street Capital and Riverside are expected to continue as minority partners alongside Oak Hill in the holding company for FirstLight and Oxford.
The financing for the FirstLight buyout has already been raised, the source added.
Closing is expected in the fourth quarter, subject to customary regulatory approvals.
Lewiston, Maine-based Oxford Network and Albany, N.Y.-based FirstLight are fiber-optic bandwidth infrastructure services providers.
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