Consolidated Communications Completes $3.3 Billion in Financing Transactions

Paul, Weiss advised Consolidated Communications Holdings, LLC, a leading U.S. fiber communications provider, on a three-part financing totaling $3.344 billion. The transactions included Consolidated’s inaugural fiber securitization consisting of asset-backed term notes totaling $1.344 billion, a concurrent commitment for a $500 million variable funding note facility and a Consolidated affiliate’s entrance into a $1.5 billion secured revolving warehouse facility.

The asset-backed term notes are secured by all existing and future fiber-enabled customers across certain states, as well as the fiber optic and network infrastructure to support these customers. All notes have an anticipated repayment date of May 2030. The proceeds of the transactions will be used for general corporate purposes, including growth initiatives and fiber network expansion, and to repay existing debt, among other things.

The Paul, Weiss team was led by corporate partners Mikhel Schecter and Robert Zochowski, and included partners Daniel Fuschillo, Christodoulos Kaoutzanis, Brian Lavin, John Kennedy and Hilary Christian, of counsel Jordan Yarett and counsel Gabriella Toossi; tax partners Reuven Garrett and Brad Okun; restructuring partners Kyle Kimpler and Sean Mitchell; litigation partners John Carlin and Nicole Succar and counsel Audrey Paquet; real estate partner Peter Fisch; intellectual property partner Claudine Meredith-Goujon; executive compensation partner Ron Aizen and counsel Jake Glazeski; and practice management attorney Margot Wagner.