Zayo Group announced it has completed the amendment of its credit agreement, including the re-pricing of both its term loan and revolving credit facility. Morgan Stanley and Barclays Capital served as joint bookrunners on the term loan re-pricing and SunTrust acted as the agent on the revolving credit facility.

The $1.6 billion term loan facility will bear interest at LIBOR plus 4.0%, with a minimum LIBOR rate of 1.25%, and was priced at par. Its revolving credit facility remains undrawn and will bear interest at LIBOR plus 3.50% based on the current leverage level. As a result of the re-pricing, Zayo expects to save approximately $30 million of annual cash interest payments.

In addition, the company amended certain terms and provisions of its credit agreement, including increasing its incremental capacity, removing any leverage limitations on future acquisitions and reducing the revolving credit facility by $25 million to $225 million.

Louisville, CO-based Zayo Group is an international provider of fiber-based bandwidth infrastructure and network-neutral colocation and interconnection services.