Fiber firm Zayo Group is preparing to sell $2.3 billion in asset-backed securities (ABS).

The company is set for its fourth and fifth securitization offerings, following several series last year.

An ABS is a type of financial investment that is collateralized by an underlying pool of assets – which in this case is fiber assets.

In this instance, Zayo is seeking for $2.3bn in secured notes against its enterprise dark and lit fiber infrastructure and related leases and underlying rights agreements, access agreements, and associated customer agreements.

Moody's notes that the securitized assets consist of approximately 65 percent of Zayo's entire fiber network.

Barclays Capital is the sole structuring agent and joint bookrunner for both transactions, as noted by KBRA and Asset Securitization Report's deal database.

KBRA assigns a rating of A- for the A2 tranches of both series, while it rates the class B notes in both series as BBB, and the class C tranche, from 2026-1, is rated BB-.

Zayo previously carried out three ABS transactions last year, totaling raised debt in the ABS market for 2025 at approximately $3.8bn.

Founded in 2007, Zayo operates a fiber network spanning approximately 250 North American markets with around 138,000 fiber route miles.