Ziply talks $300 million seven-year notes to yield in 6¼% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., Feb. 8 – Ziply Fiber talked its $300 million offering of senior notes due February 2028 (Caa1/CCC+) to yield in the 6¼% area, according to a syndicate source.

Books were scheduled to close late Monday, and the Rule 144A and Regulation S for life deal is set to price on Tuesday morning.

Goldman Sachs & Co. LLC is the left bookrunner. Credit Suisse Securities (USA) LLC, BofA Securities Inc. and Deutsche Bank Securities Inc. are the joint bookrunners.

The seven-year notes become callable after three years at par plus 50% of the coupon.

The issuing entities will be Northwest Fiber, LLC, which does business as Ziply, and Northwest Fiber Finance Sub, Inc.

The Kirkland, Wash.-based telecom plans to use the proceeds plus proceeds from a new term loan to pay off its existing term loan.

Ziply began operations last May after bankrupt Frontier Communications sold its operations and assets to WaveDivision Capital in partnership with Searchlight Capital Partners.

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