Crystal Financial announced the closing of a $25 million second lien term loan for Alaska Communications. The company is a provider of broadband, voice and IT managed services throughout the state of Alaska.
Proceeds from the facility were used to refinance an existing facility with an upcoming maturity in 2016 and to provide liquidity for general corporate purposes.
Matt Governali, managing director of Crystal Financial SBIC, commented, “The company operates a critical and significant statewide network for consumer and enterprise customers, including a vital undersea fiber optic cable system connecting Alaska to the lower 48 states. The management team is successfully navigating a material change to its business with the divestiture of the company’s wireless division, and continues to focus the company on executing its core operating strategies. We are truly pleased to provide the financing.”
“Crystal was able to work quickly and collaboratively with a senior lender syndicate to facilitate this refinancing. They were quick to understand the important drivers of our business and the fundamentals of our geographic and industry positioning. We look forward to a long term partnership,” said Wayne Graham, Alaska Communications chief financial officer.