Time for a roundup of news from the metro:
With the tw telecom integration underway, Level 3 is preparing yet another refinancing. They announced plans this morning to tap the credit markets for another $500M in senior unsecured notes due 2013. They'll be using the proceeds to redeem $500M of 9.375% senior notes due 2019 that become redeemable on April 1 of this year. They did a very similar thing just two months ago, raising $600M to refinance the even more expensive 11.875% senior notes due 2019. The virtuous circle continues.
Unite Private Networks also made a move in the credit markets, raising some $272.5M via a new credit facility. They'll be using the transaction to support their ongoing organic expansions in Nebraska and Iowa, among other things. No mention was made of M&A, but that's a nice war chest to have on hand.
Earthlink has picked up a health and fitness customer. Gold's Gym has picked their managed network and security services for some 147 locations around the world. Gold's will be running its business off of Earthlink's MPLS network, PCI compliance, firewall, and secure WiFi.
FirstLight Fiber has added a point of presence to the south of its main territory. They've established a presence at 325 Hudson in Manhattan, which will serve as their primary node in New York City. NYC is of course the obvious place to hook up all those upstate New York and northern New England enterprises they have on-net to. With G4 now in the fold, they may also be looking at further acquisition possibilities.
And Birch is expanding out in Kansas. With another 120 employees and an additional 40,000 square feet of space at its location in Emporia, they'll be better positioned to handle that national presence they gained with the acquisition of Cbeyond six months ago. Emporia offered them an economic incentive package to help the expansion plans along.
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