I almost used “The Legend of Ken desGarennes” as the title of this post. Ken is Zayo Group’s CFO and, yes, he closed a $35M debt facility today. Can you believe it?
Ken deserves much of the credit. However, many others at Zayo contributed in a big way as well. Tim Gentry for certain deserves to special recognition, as his command of the controller position for Zayo Group was essential to getting this debt to finish line. Without exaggeration I can say that all Zayo employees contributed, as debt raising was enabled by the solid financial results our teams are producing.
I also want to thank Zayo’s equity investors. Your sponsorship and endorsement factored heavily into the decision of our debt sponsors.
Finally, I want to thank all five of our debt sponsors. Four of them increased the size of their loan in this round. The fifth lent their support to the upsizing. I know how big of a deal this is in this extraordinarily difficult financial environment. I won’t forget this and look forward to an opportunity to show my appreciation in the future.
Other events happened today at Zayo as well, some of which I will cover tomorrow. For those involved in the other events, I thank you for all you are doing.
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Congrats Zayo!
Wow, that’s some magic all right!
Afreakingmazing.
Hope you get a raise. Nice job. TD
Thanks Tim. I am a significant shareholder of Zayo. My entire motivation is to preserve and enhance the value of our equity. We had plenty of debt capacity; it would have been a shame to dilute our equity (which is what we would have had to do) if the market conditions got in the way of our debt facility. Getting debt in this horrendous market is a strong external validation of how well Zayo is doing financially. This is good for our employees and customers–it means that Zayo is well positioned to navigate its way through what could be a tough economic period.