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Alaska Communications Closes $100MM Credit Facility With CoBank, ING Capital

September 15, 2015, 08:03 AM
Filed Under: Telecom

Alaska Communications closed the refinancing of its existing senior term loan on Sept. 14, 2015. Alaska Communications entered into $100 million of senior secured financing, including a $10 million revolving loan. Alaska Communications used proceeds to pay off its outstanding $80 million term loan, fund fees and expenses associated with the refinancing, and for corporate purposes.

CoBank and ING Capital LLC served as the lead arrangers on the financing.

“We have taken full 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. 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,” Alaska Communications CFO Wayne Graham said.

Alaska Communications is the leading provider of advanced broadband and IT managed services for businesses and consumers in Alaska. The company operates a highly reliable, advanced statewide data network with the latest technology and the most diverse undersea fiber optic system connecting Alaska to the contiguous U.S.

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