Ziply launches $790.5 million term loan B at Libor plus 550 bps

By Sara Rosenberg

New York, May 13 – Ziply Fiber (Northwest Fiber) launched on Wednesday its $790.5 million seven-year term loan B (B2/B) with price talk of Libor plus 550 basis points with a 0% Libor floor and an original issue discount of 95, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are the leads on the deal.

Commitments are due at noon ET on May 20, the source added.

Proceeds will be used to help fund the recently completed $1,352,000,000 acquisition of Frontier Communications Corp.’s operations and associated assets in Washington, Oregon, Idaho and Montana by WaveDivision Capital LLC, Searchlight Capital Partners LLC, PSP Investments, British Columbia Investment Management Corp. and Canada Pension Plan Investment Board.

Ziply Fiber is a Kirkland, Wash.-based broadband provider.

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