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

  • Allianz SE, Caisse de dépôt et placement du Québec (CDPQ), CoBank, Digital Bridge Holdings, ING Bank, Investec Bank, Macquarie, Natixis, Royal Bank of Canada, Santander, Societe Generale, Sumitomo Mitsui Banking Corporation (SMBC), Toronto-Dominion Bank, Vantage Infrastructure
  • AMP Capital
  • Caisse de dépôt et placement du Québec (CDPQ), CoBank, ING Bank, Midis Group, Natixis, Royal Bank of Canada, Santander, Societe Generale, Sumitomo Mitsui Banking Corporation (SMBC), Toronto-Dominion Bank, Vantage Infrastructure
  • Gibson, Dunn & Crutcher
  • ING Bank, Santander, Societe Generale, Sumitomo Mitsui Banking Corporation (SMBC)
  • Natixis, Societe Generale
  • Shearman & Sterling
  • Societe Generale
  • Societe Generale
  • Societe Generale
  • Societe Generale

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

Term Loan

494$m

US Dollar - USD

0

7.5 years

-

-

-

Term Loan

250$m

US Dollar - USD

0

7.5 years

-

-

-

Revolving credit facility

40$m

US Dollar - USD

0

5.5 years

-

-

-

Term Loan

165$m

US Dollar - USD

0

7.5 years

-

-

-

Term Loan

55$m

US Dollar - USD

0

7.5 years

-

-

-