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Zayo Group Raises $315 Million

Zayo Group, a national provider of bandwidth infrastructure and colocation services, on Tuesday announced raising $315 million.

Twenty-five institutional investors participated in making the five-year term loan, the company said.

Louisville, Colo.-based Zayo said it plans to use the funds to complete its $345 million acquisition of 360networks, and the company will use cash on hand to fund the remainder of the purchase price and related transactional expenses.

A spokesperson for Zayo confirmed that the company actually completed its acquisition of 360networks last week.

Privately held Zayo has noted its acquisition of 360networks would create a bandwidth infrastructure company with estimated annual pro forma revenues of $393 million and represent the largest of 17 acquisitions since the inception of the company four years ago.

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