Hawaiian Telcom has entered into a new US$300m senior secured credit facility maturing in 2019.
The Honolulu-headquartered operator said the loan carries interest at Libor plus 4%, with a Libor floor of 1%, and sold at 99.5% of its principal…
Hawaiian Telcom has entered into a new US$300m senior secured credit facility maturing in 2019.
The Honolulu-headquartered operator said the loan carries interest at Libor plus 4%, with a Libor floor of 1%, and sold at 99.5% of its principal amount.
The proceeds from the new facility were used to pay off the company’s existing outstanding credit facility, along with US$5m cash on hand.
Credit Suisse was sole lead arranger and sole bookrunner for the refinancing. The bank was also the administrative agent and collateral agent for the lenders.
“We are very pleased to have closed this new credit facility, which significantly lowers our cost of debt, extends our debt maturity profile, and provides us with additional covenant flexibility,” said Hawaiian Telcom’s CEO and president Eric Yeaman.
The local exchange carrier offers fixed-line and broadband services, and provides wireless services via an MVNO in partnership with Sprint Nextel.
