Exhibit 99.1

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Zayo Group Holdings, Inc. Reports Financial Results for the Third Fiscal Quarter Ended March 31, 2019

 

Third Fiscal Quarter 2019 Financial Highlights

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$647.2 million of consolidated revenue; including $555.2 million from the Communications Infrastructure  segments and $92.0 million from the Allstream segment.  

·

Net income of $34.7 million, including $39.2 million from the Communications Infrastructure segments and a net loss of $4.5 million from the Allstream segment;

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$321.3 million of adjusted EBITDA, including $306.9 million from Communications Infrastructure and $14.4 million from the Allstream segment. 

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Net installs of $1.7 million on a monthly recurring revenue (MRR) and monthly amortized revenue (MAR) basis, excluding the Allstream segment.

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Adjusted unlevered free cash flow of $133.9 million.

BOULDER, Colo., May 8, 2019 – Zayo Group Holdings, Inc. (“Zayo” or “the Company”) (NYSE: ZAYO), a global leader in Communications Infrastructure, announced results for the three months ended March 31, 2019.  

 

Third quarter net income increased by $4.5 million over the previous quarter.  Basic and diluted net income per share during the third fiscal quarter was $0.15.  During the three months ended March 31, 2019,  capital expenditures were $206.4 million.

 

As of March 31, 2019, the Company had $179.7 million of cash and $271.5 million available under its revolving credit facility.    

 

Recent Developments

 

Revolving Credit Facility Borrowings 

 

On April 3, 2019, Zayo Group, LLC and Zayo Capital (the “Borrowers”) entered into Extension Amendment No. 1 to the Credit Agreement (the “Extension Amendment”) with respect to the Revolver. Under the terms of the Extension Amendment, the maturity date of the revolving credit facility was extended from April 17, 2020 to the earliest of (i) April 17, 2023, (ii) six months prior to the maturity date of the Borrowers’ $500.0 million term loan tranche, which matures on January 19, 2021, subject to the refinancing thereof with debt having a maturity date no earlier than April 17, 2023 or repayment in full, and (iii) six months prior to the maturity date of the Borrower’s 6.00% senior unsecured notes, which mature on April 1, 2023, subject to the refinancing thereof with debt having a maturity date no earlier than April 17, 2023 or repayment in full.  No other terms of the Credit Agreement were amended.

 

Significant Merger Development

 

On May 8, 2019, the Company, Front Range TopCo, Inc. (“Parent”), a Delaware corporation and Front Range BidCo, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) to be acquired by a consortium of private equity firms including Digital Colony Partners, LP, EQT Fund Manager S.à r.l. and Devonshire Investors (Delaware) LLC (the “Consortium”). Upon the close of the Merger (defined below), the Company will operate as a privately-held company. Parent and Merger Sub were formed by the Consortium.

 

The Merger Agreement provides that, among other things and upon the terms and subject to the conditions of the Merger Agreement, (i) Merger Sub will be merged with and into the Company (the “Merger”), with the Company surviving and continuing as the surviving corporation in the Merger and a wholly owned subsidiary of Parent, and (ii) at the effective time of the Merger, each outstanding share of common stock of the Company, par value $0.001 per share (“Common Stock”) (other than Common Stock

 

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The following information was filed by Zayo Group Holdings, Inc. (ZAYO) on Wednesday, May 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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