Privately-owned MegaPath Inc. is refinancing its existing debt thanks to a new $165 million loan.
“This refinancing will reduce the company’s cost of capital as MegaPath continues focusing on efforts to grow and expand its business through the development of new products and investment in its national network,” said Adam Cooper, senior vice president of Platinum Equity, which owns MegaPath.
Crystal Financial LLC, an independent commercial finance company, served as the co-arranger on the $165 million, senior-secured term loan facility to MegaPath.
MegaPath, based in Pleasanton, Calif., is a provider of bundled managed services and IP broadband access solutions for small- to medium-sized businesses and enterprise-level customers. The company serves roughly 60,000 customers in 44 states and 235 metropolitan areas, according to a press release from Crystal Financial.
In the fall of 2010, MegaPath, Covad and Speakeasy completed their merger.
**Editor’s Note: Click here for a recap of the biggest channel-impacting mergers and acquisitions from Q2 2012.**