Deal details
Everstream Fiber Network - Project Financing
Description
Everstream, the business-only fiber network has announced it has secured more than $1 billion in debt financing to refinance existing credit facilities and raise additional capital to continue funding network growth and densification across its 10-state footprint. The deal marks the first time a U.S. based telecommunications company has leveraged an OpCo/HoldCo financing model. The OpCo facilities were structured uning a unique corporate/project hybrid structure that allowed distribution to a broad range of institutional and bank lenders. Structure also provides extra flexibility by offering a three-year drawing period for the DDTL and a seven year tenor on the TL. Transaction provides capex financing for fiber-to-the-tower backed by contracts with T-Mobile and Dish Networks.Everstream, which is majority owned by AMP Capital, is bringing high-capacity fiber connectivity to metro and rural areas across the Midwest and Mid-Atlantic.
Assets involved
Companies involved
- Gibson, Dunn & Crutcher
- Vantage Infrastructure, Royal Bank of Canada, Sumitomo Mitsui Banking Corporation (SMBC), Investec Bank, Digital Bridge Holdings, Toronto-Dominion Bank, Allianz SE, Macquarie, Societe Generale, CoBank, Caisse de dépôt et placement du Québec (CDPQ), ING Bank, Santander, Natixis
- Midis Group, CoBank, Caisse de dépôt et placement du Québec (CDPQ), Santander, Vantage Infrastructure, Societe Generale, Natixis, Sumitomo Mitsui Banking Corporation (SMBC), ING Bank, Royal Bank of Canada, Toronto-Dominion Bank
- AMP Capital
- Societe Generale
- Societe Generale, Sumitomo Mitsui Banking Corporation (SMBC), ING Bank, Santander
- Natixis, Societe Generale
- Societe Generale
- Societe Generale
- Societe Generale
- Shearman & Sterling
Key information
Midwest Fiber Acquisition LLC
1004$m
29-03-2022
Telecoms and Communications / Cellular / mobile infrastructure
United States
Project & Infrastructure Finance
Not PPP
Tranche information
OpCo Term Loans
494$
Term Loan
494$m
US Dollar - USD
0
7.5 years
-
-
-
Participant | role | ticket size |
---|---|---|
Allianz SE | Lender | 19$m |
Vantage Infrastructure | Lender | 33$m |
Toronto-Dominion Bank | Lender | 19$m |
CoBank | Lender | 19$m |
Royal Bank of Canada | Lender | 27$m |
Macquarie | Lender | 73$m |
Caisse de dépôt et placement du Québec (CDPQ) | Lender | 99$m |
Sumitomo Mitsui Banking Corporation (SMBC) | Lender | 30$m |
Santander | Lender | 39$m |
ING Bank | Lender | 39$m |
Natixis | Lender | 34$m |
Investec Bank | Lender | 20$m |
Societe Generale | Lender | 39$m |
OpCo Delayed Draw Term Loan
250$
Term Loan
250$m
US Dollar - USD
0
7.5 years
-
-
-
Participant | role | ticket size |
---|---|---|
Santander | Lender | 19$m |
Allianz SE | Lender | 10$m |
Sumitomo Mitsui Banking Corporation (SMBC) | Lender | 14$m |
Caisse de dépôt et placement du Québec (CDPQ) | Lender | 50$m |
CoBank | Lender | 9$m |
Macquarie | Lender | 36$m |
Royal Bank of Canada | Lender | 13$m |
Toronto-Dominion Bank | Lender | 9$m |
Vantage Infrastructure | Lender | 16$m |
ING Bank | Lender | 19$m |
Natixis | Lender | 19$m |
Investec Bank | Lender | 10$m |
Societe Generale | Lender | 19$m |
OpCo RCF
40$
Revolving credit facility
40$m
US Dollar - USD
0
5.5 years
-
-
-
Participant | role | ticket size |
---|---|---|
Investec Bank | Lender | 1$m |
Societe Generale | Lender | 6$m |
Natixis | Lender | 6$m |
ING Bank | Lender | 6$m |
Santander | Lender | 6$m |
Sumitomo Mitsui Banking Corporation (SMBC) | Lender | 4$m |
CoBank | Lender | 1$m |
Royal Bank of Canada | Lender | 2$m |
Toronto-Dominion Bank | Lender | 1$m |
Vantage Infrastructure | Lender | 2$m |
Junior HoldCo Term Loans
165$
Term Loan
165$m
US Dollar - USD
0
7.5 years
-
-
-
Participant | role | ticket size |
---|---|---|
Digital Bridge Holdings | Lender | 165$m |
Junior HoldCo Delayed Draw Term Loan
55$
Term Loan
55$m
US Dollar - USD
0
7.5 years
-
-
-
Participant | role | ticket size |
---|---|---|
Digital Bridge Holdings | Lender | 55$m |