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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 11, 2000
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FIBERNET TELECOM GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-7841 13-3859938
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
570 Lexington Avenue
New York, New York 10022
(Address of principal executive
offices including zip code)
(212) 405-6200
(Registrant's telephone number,
including area code)
N.A.
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On April 12, 2000, FiberNet Telecom Group, Inc. (the "Registrant") publicly
disseminated a press release announcing that on April 11, 2000 the Registrant
entered into a $75 million senior secured credit facility (the "Credit
Facility") pursuant to a Credit Agreement (the "Agreement"), among the
Registrant, the financial institutions from time to time parties to the
Agreement as Lenders (the "Lenders"), Deutsche Bank AG New York Branch, as
administrative agent for the Lenders (in such capacity, the "Administrative
Agent"), Deutsche Bank Securities Inc., as co-syndications agent for the
Lenders, and Toronto Dominion (Texas), Inc., as co-syndications agent for the
Lenders. The Credit Facility has a term of four and one-half years, consisting
of revolving availability for the first eighteen months and a term loan for the
remaining three years. The Registrant intends to use the proceeds of the Credit
Facility, among other things, to fund the acquisition and construction of
telecommunications assets.
The information contained in the press release is incorporated herein by
reference and filed as Exhibit 99.1 hereto.
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Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
99.1 Registrant's press release dated April 11, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIBERNET TELECOM GROUP, INC.
(Registrant)
Dated April 14, 2000 By: /s/ Michael S. Liss
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Michael S. Liss
President and Chief
Executive Officer
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EXHIBIT INDEX
Exhibit No. Description
99.1 Registrant's press release dated April 11, 2000
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Exhibit 99.1
FIBERNET TELECOM ENTERS INTO $75 MILLION
SENIOR SECURED FINANCING FACILITY
NEW YORK (April 12, 2000) - FiberNet Telecom Group, Inc. (OTCBB:FTGX)
Today announced that it has entered into a $75 million senior secured credit
facility (the "Credit Facility") with Deutsche Bank AG, Toronto Dominion
(Texas), Inc. and Nortel Networks Inc. FiberNet intends to use the funds
available under the Credit Facility for the acquisition and construction of
telecommunication assets in its next generation, fiber optic networks in
major metropolitan areas and for general corporate purposes. The Credit
Facility has a term of four and one-half years, consisting of revolving
availability for the first eighteen months and a term loan for the remaining
three years.
Michael S. Liss, President and CEO of FiberNet, said "the Credit Facility is a
vote of confidence by two of the leading telecom lenders in the world, Deutsche
Bank and Toronto Dominion, along with our primary vendor, Nortel. With this
increased access to capital, FiberNet will continue to build out its FiberNet
in-building networks in Class A office properties and its metropolitan transport
networks in gateway cities, advancing its position as the all-optical carrier's
carrier for the local loop."
About FiberNet Telecom Group, Inc.
FiberNet Telecom Group, Inc. is a facilities-based carrier access provider that
designs, builds and operates intra-building and metropolitan area broadband
networks in commercial, multi-tenant office buildings in major metropolitan
markets. FiberNet is pursuing a "carriers' carrier" marketing strategy, selling
primarily to telecom carriers and other communications service providers. The
Company has exclusive license agreements with national building owners for the
construction, implementation and operation of in-building, fiber optic
transmission networks that interconnect with the Company's metropolitan area
backbone.
FiberNet has lit multiple strands of fiber on its Metropolitan Transport Network
covering Downtown and Midtown Manhattan, with extensive plans to expand in New
York City and other national markets. The core FiberNet backbone utilizes a
diversely routed, self-healing SONET ring architecture inside and outside of its
on-net buildings. This network terminates into Class A high-rise office
buildings that are equipped with the FiberNet In-Building Network, and into 60
Hudson Street and 111 8th Avenue, premier Manhattan carrier hotels. FiberNet has
also launched its primary Network Operations Center at its facility in 60 Hudson
Street. FiberNet plans to build out additional carrier hotel sites in New York
and other major metropolitan markets.
FiberNet enables the seamless transmission of data, voice and video over a 100%
fiber optic, fully redundant, self-healing SONET network that extends from
customer premises in office buildings to carrier interconnection points. By
extending carrier-class backbone reliability directly to the customer premises,
FiberNet is seeking to set a new carrier standard for the
local loop. Please visit FiberNet's web site at http://www.ftgx.com/
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FIBERNET NOTE: This press release may contain forward-looking statements. Any
and all of our forward-looking statements in this press release or in any other
public statements we make may turn out to be wrong. They can be affected by
inaccurate assumptions we might make or by known or unknown risks and
uncertainties, including, without limitation, the following:
availability of capital; the risks associated with significant indebtedness; the
dependence on key personnel of the Company; the demand for telecom services;
substantial competition; regulatory developments; and other factors affecting
the Company's prospects described in the Company's most recent Annual Report on
Form 10-KSB filed with the Securities and Exchange Commission for the fiscal
year ended December 31, 1999, and in its other public filings.
