Searchlight to Invest Up to $425M in Consolidated in 2 Stages

Searchlight Capital Partners will invest up to $425 million in Consolidated Communications, said the telco Monday. Consolidated will refinance its $2 billion in outstanding debt, allowing it to accelerate fiber deployment, said the release. The investment will involve two stages, with $350 million upfront and an additional $75 million after FCC and Hart-Scott-Rodino approval. The first stage isn’t subject to regulatory approval and will happen along with the refinancing.. The second is “subject to certain regulatory approvals and other customary closing conditions” and is expected to close in mid-2021, the carrier said. Searchlight is awaiting FCC approval for its purchase of a majority of Univision shares (see 2006190048). The Consolidated board will appoint one Searchlight nominee -- adviser David Fuller -- before the second stage, and one after.