CoBank Arranges Revolver Amendment for Atlantic Tele-Network
Atlantic Tele-Network (ATN) announced it amended and restated its existing credit facility that provides for a five year $225 million revolver facility and the ability to increase the revolver by up to an additional $200 million (subject to lender consent).
ATN said the facility was arranged by CoBank, ACB, as lead arranger and Fifth Third Bank and MUFG Union Bank, as joint lead arrangers. Following the Ahana investment, ATN expects to have consolidated debt of approximately $39 million and consolidated cash of approximately $350 million.
The revolver facility bears interest at a rate equal to either (i) LIBOR plus an applicable margin ranging between 1.50% to 1.75% or (ii) a base rate plus an applicable margin ranging from 0.50% to 0.75%.
ATN also announced it has acquired substantially all of the assets of Green Lake Capital and certain of its affiliates, an owner and operator of commercial distributed generation solar power systems in MA, CA and NJ. ATN acquired these assets as part of a total transaction valued at approximately $103 million with approximately $64 million of cash and the assumption of $39 million of debt, through its newly formed subsidiary, Ahana Renewables. Along with these assets, ATN has retained the management team and staff that developed and operates the Green Lake assets.
San Francisco-based Ahana operates 28 commercial solar projects at 59 sites with an aggregate 45.7 megawatts of electricity generating capacity.