Cogent Communications closes $206M securitization of IPv4 address revenue notes at 7.924%

COGENT COMMUNICATIONS HOLDINGS, INC.

Issued $206M aggregate principal of 7.924% secured IPv4 address revenue notes, Series 2024-1 Class A-2, maturing May 2029 (ARD) with legal final May 2054.
Notes are secured by IPv4 address assets (IP addresses, leases, receivables) and guaranteed by Cogent IPv4 Holdco LLC via equity pledge.
Scheduled interest payments monthly; no principal due before ARD unless rapid amortization or acceleration triggers activated.
Covenants include liquidity reserve account, debt service coverage ratio test, and utilization thresholds; failure triggers rapid amortization or asset sale.
Separately, Cogent Group added Sprint Solutions Wireline as guarantor and Cogent Finance as co-obligor on existing $500M 3.5% notes due 2026 and $450M 7% notes due 2027.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

COGENT COMMUNICATIONS HOLDINGS, INC. incurred senior notes of $206,000,000 aggregate principal amount with Wilmington Trust, National Association at 7.924% maturing May 2029.

Instrument: senior notes
Principal: $206,000,000 aggregate principal amount
Counterparty: Wilmington Trust, National Association
Rate: 7.924%
Maturity: May 2029
Event: incurrence

Exact text from the filing

On May 2, 2024 (the “Closing Date”), Cogent IPv4 LLC (the “Issuer”), a special-purpose, bankruptcy remote, indirect wholly owned subsidiary of Cogent Communications Holdings, Inc. (the “Company”), completed the previously announced financing transaction by issuing $206,000,000 aggregate principal amount of 7.924% secured IPv4 address revenue notes, Series 2024-1 Class A-2 (collectively, the “Notes”), with an anticipated term ending in May 2029 (such anticipated repayment date, the “ARD”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

COGENT COMMUNICATIONS HOLDINGS, INC. entered into Series 2024-1 Supplement with Wilmington Trust, National Association valued at $206,000,000 aggregate principal amount of 7.924% secured IPv4 address revenue notes, Series 2024-1 (effective 2024-05-02).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $206,000,000 aggregate principal amount of 7.924% secured IPv4 address revenue notes, Series 2024-1
Effective: 2024-05-02

Exact text from the filing

The Notes were issued pursuant to an indenture, dated as of the Closing Date (the "Base Indenture"), as supplemented by the Series 2024-1 Supplement thereto, dated as of the Closing Date (the "Series 2024-1 Supplement")

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

COGENT COMMUNICATIONS HOLDINGS, INC. entered into New Guarantor Supplemental Indentures with Sprint Solutions Wireline LLC (effective 2024-05-02).

Action: entry
Agreement: notes offering
Counterparty: Sprint Solutions Wireline LLC
Effective: 2024-05-02

Exact text from the filing

On the Closing Date, Cogent Group entered into a first supplemental indenture to each of the indentures governing the Existing Notes to add Sprint Solutions Wireline LLC as a guarantor of the Existing Notes (collectively, the "New Guarantor Supplemental Indentures")

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

COGENT COMMUNICATIONS HOLDINGS, INC. entered into Guaranty with Cogent IPv4 Holdco LLC (effective 2024-05-02).

Action: entry
Counterparty: Cogent IPv4 Holdco LLC
Effective: 2024-05-02

Exact text from the filing

The Notes are guaranteed by Cogent IPv4 Holdco LLC, a special-purpose entity and an indirect wholly owned subsidiary of the Company, as the Guarantor (the "Guarantor"), pursuant to a guaranty, dated as of the Closing Date (the "Guaranty")

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

COGENT COMMUNICATIONS HOLDINGS, INC. entered into Base Indenture with Wilmington Trust, National Association valued at $206,000,000 aggregate principal amount of 7.924% secured IPv4 address revenue notes, Series 2024-1 (effective 2024-05-02).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $206,000,000 aggregate principal amount of 7.924% secured IPv4 address revenue notes, Series 2024-1
Effective: 2024-05-02

Exact text from the filing

The Notes were issued pursuant to an indenture, dated as of the Closing Date (the "Base Indenture"), as supplemented by the Series 2024-1 Supplement thereto, dated as of the Closing Date

View on SEC.gov

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Source: SEC EDGAR

accession 0001104659-24-057099

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