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Arrangement of $1.03 Billion of Financing for EQT Partners's Acquisition of Lumos Networks and Spirit Communications

Cravath represented the arrangers of $1.03 billion of senior secured credit facilities that have been or will be made available to MTN Infrastructure TopCo, Inc. (“MTN”), an affiliate of EQT Partners Inc. The financing made available to MTN at closing on November 17, 2017 consisted of a $485 million term loan facility and a $75 million revolving credit facility to finance the acquisition of Lumos Networks Corp. (“Lumos”), a fiber‑based bandwidth infrastructure provider, as well as to repay existing indebtedness of Lumos, and for working capital and other general corporate purposes. Upon the satisfaction of certain additional conditions, a $475 million delayed draw term loan facility and a $50 million increase to the existing revolving credit facility will be made available to MTN to finance the acquisition of Spirit Communications (“Spirit”), a fiber‑based data and broadband service provider, as well as to repay existing indebtedness of Spirit, and for working capital and other general corporate purposes. The Spirit acquisition and the financing in connection therewith is expected to be completed during the first half of 2018.

The Cravath team included partner Craig F. Arcella and associates Isaac C. Beerman and Valerie Sapozhnikova on banking matters; associate Joyce Y. Kim on tax matters; and associate Philip F. Schreiber on executive compensation and benefits matters. Jieun Lim also worked on banking matters.