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Atlantic Tele-Network enters almost $300 million amended facility
By Jennifer Chiou
New York, Jan. 25 - Atlantic Tele-Network Inc. entered into an amended and restated credit agreement on Wednesday with CoBank, ACB as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The credit agreement provides for a $298.9 million credit facility, consisting of a $73.9 million term loan A, a $150 million term loan B and a $75 million revolver loan in addition to up to $50 million through additional term loans, subject to lender and administrative agent approval.
Upon closing, $73.9 million was outstanding under the term loan A, an amount equal to the outstandings of the company's previous term loan under the prior credit facility, the filing said.
No amount is currently outstanding under term loan B, Atlantic said, adding that the term B may be used only in connection with the financing of its previously announced acquisition of wireless assets of Alltel Corp. that are being divested by Verizon Wireless with its acquisition of Alltel in 2009.
Borrowings under the term loan B are available until the earlier of the completion of the Alltel acquisition and March 31.
The 8-K stated that the company has no borrowings outstanding under the revolver, up to $10 million of which may be used for standby or trade letters of credit.
The term loans mature on Sept. 30, 2014.
The revolver matures on Sept. 10, 2014.
Any borrowings bear interest at Libor plus 350 basis points to 475 bps.
Certain of the company's subsidiaries, including Commnet Wireless, LLC, Sovernet, Inc. and Choice Communications, LLC, are guarantors of Atlantic's obligations under the credit facility.
Atlantic Tele-Network is a Salem, Mass.-based telecommunications company.
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