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Astra Capital Management-backed LOGIX Fiber Networks has hired Houlihan Lokey to advise them ahead of an upcoming maturity wall, 9fin sources say.

The move comes as the fiber-based voice and data service provider’s $175m first lien term loan comes due in December, and its $70m second lien term loan and seller note mature in spring 2025.

LOGIX’s near-term debt wall is converging with operational issues that have swept the telecom industry in recent years. Texas-based LOGIX itself has struggled with high leverage and consistent negative cash flow since 2022, according to Moody’s, which downgraded its corporate family rating to Caa3 from Caa2 in May.

According to the rating agency, LOGIX had $3m in cash as of 31 March 2024, 14.3x in leverage, and a negative free cash flow of $14m between that date and the same time the year before.

Moody’s also said its second lien term loan has accrued paid-in-kind interest, which will contribute to further leverage increases in the coming year.

The first lien loan, which is backed by the company’s fiber assets, is subject to to a senior secured leverage covenant of 5.2x as of 30 September, according to Moody’s. As of 31 March, the company’s senior secured leverage was 5.16x, and in Q3 2023, Astra stepped in to keep the company in compliance with the covenant through an equity cure.

The $70m second lien term loan due 2025 has been indicated in the 70s since December 2023. On 16 October, it is indicated at 73.25 cents, according to 9fin data.

LOGIX and Astra Capital did not respond to requests for comment. Houlihan Lokey declined to comment on the matter.

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