Atlantic Tele-Network Amends Facility With CoBank, Fifth Third
Atlantic Tele-Network, Inc. announced that it has amended and restated its existing $375 million senior secured credit facility, which consists of a $125 million and a $150 million term loan and a $100 million revolving credit facility. CoBank, ACB acted as administrative agent and lead arranger, along with Fifth Third Bank as joint lead arranger.
The amendments to the credit facility extended the final maturities of the $125 million term loan and the revolving credit facility to June 30, 2017 and the $150 million term loan to June 30, 2019. The amendments also reduced the applicable interest rate margins on borrowings under the company’s $125 million term loan and revolver loan by 75 basis points and by 25 basis points on borrowings under its $150 term loan.
Justin D. Benincasa, CFO of the company, said, “This amended credit facility reflects the company’s strong operating performance and further adds to the strength of our balance sheet by extending our debt maturities, improving pricing and enhancing our financial flexibility.”
The company expects to use the proceeds from the credit facility for working capital expenses, capital expenditures, and other corporate purposes. The Company currently has approximately $10.6 million in borrowings under its revolving credit facility.
Atlantic Tele-Network, Inc. provides telecommunications services to rural, niche and other under-served markets and geographies in the United States, Bermuda and the Caribbean.
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