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

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

Barclays Capital is the sole structuring agent and joint book runner for both transactions, as noted by KBRA and Asset Securitization Report's deal database. KBRA assigned 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, generating approximately $3.8 billion in ABS-related raised debt.

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