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ATN Amends $225MM Credit Facility With CoBank, Others

December 30, 2014, 08:04 AM
Filed Under: Telecom

On December 19, 2014, Atlantic Tele-Network amended and restated its existing credit facility. The amended credit facility 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). The revolver facility bears interest at a rate equal to either (i) the London Interbank Offered Rate (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%.

"This amended credit facility provides ATN with much more operational and strategic flexibility and increased balance sheet capacity at attractive rates," said Justin Benincasa, the company's chief financial officer.

The facility was arranged by CoBank, ACB, as lead arranger and Fifth Third Bank and MUFG Union Bank, N.A., 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.

Atlantic Tele-Network, Inc., headquartered in Beverly, Massachusetts, provides telecommunications services to rural, niche and other under-served markets and geographies in the United States, Bermuda and the Caribbean and owns and operates solar power systems in select locations in the United States.

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