Zayo Group, a regional provider of bandwidth and telecommunications services, closed on $30 million in debt financing from CIT, CoBank and Hercules Technology Growth Capital, Inc. The incremental term debt enabled Zayo’s recent acquisition of Citynet Fiber Network (CFN), the wholesale division of integrated communications provider Citynet.
To date, Zayo Group has raised $225 million in equity financing and secured $115 million in debt facilities. With strong financial backing and the veteran leadership team of Caruso and John Scarano, Zayo is poised to continue its growth into 2008 and beyond. http://www.zayo.com
- In February 2008, Zayo Group closed its previously announced acquisition of Citynet Fiber Network (CFN), the wholesale division of integrated communications provider Citynet. The deal doubles Zayo’s metro and regional fiber route miles to 17,000, serving more than 1,400 on-net building locations in 12 states. The sale affects only the wholesale operations of Citynet. Financial terms were not released.
- Since early 2007, Zayo Group has announced a series of acquisitions, including: VoicePipe Communications (a provider of retail VoIP services that originated as a hosted PBX service offering of ICG Communications), Onvoy (a 1,400-mile fiber network serving Minnesota), Indiana Fiber Works (a 2,200 fiber-route-mile network serving Indiana), PPL Telcom (a 4,600 fiber-route-mile network based in Allentown, Penn. serving areas in the Northeast), and Memphis Networx (a 200 fiber-route-mile network serving the greater Memphis, Tenn. area) .