Alaska Communications (NASDAQ:ALSK) has secured a new US$100m senior credit facility to refinance an existing senior term loan.
Alaska Communications (NASDAQ:ALSK) has secured a new US$100m senior credit facility to refinance an existing senior term loan.
The financing includes a US$10m revolving loan, the Anchorage-based telco said in a statement. The proceeds will be used to repay an outstanding US$80m term loan, and cover related fees, expenses and general corporate purposes.
Alaska Communications CFO Wayne Graham said the company took advantage of a suitable financing window in the credit markets.
“The cost of the facility is similar to our current facility, which was scheduled to mature next year,” he noted. “With this financing, we now have no debt maturing sooner than 2018. We are also pleased to be working with a group of lenders who can support our business over the long term.”
CoBank and ING Capital acted as lead arrangers.
Alaska Communications provides broadband and IT managed services to consumers and businesses.