Fusion, a provider of cloud services, closed its acquisition of the business services unit of Birch Communications. Goldman Sachs served as administrative agent for $680 million in financing to support the buy.
Goldman Sachs, Morgan Stanley and MUFG will act as joint lead arrangers and joint bookrunners for senior secured credit facilities for Fusion to support the company’s acquisition of Birch Communications. The facilities are expected to include a $570 million term loan.
Birch Communications increased its credit capacity to $175 million. Union Bank joined Bank of America, PNC, Wells Fargo and CoBank in the credit with a commitment of $25 million.