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
OpCo Term Loans
494$
Term Loan
494$m
US Dollar - USD
0
7.5 years
-
-
-
Participant | role | ticket size |
---|---|---|
Investec Bank | Lender | 20$m |
Societe Generale | Lender | 39$m |
Allianz SE | Lender | 19$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 |
OpCo Delayed Draw Term Loan
250$
Term Loan
250$m
US Dollar - USD
0
7.5 years
-
-
-
Participant | role | ticket size |
---|---|---|
Societe Generale | Lender | 19$m |
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 |
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 |