Maritime Telecommunications completes $120 million credit facility

By Sara Rosenberg

New York, March 7 - Maritime Telecommunications Network Inc. closed on a new $120 million five-year senior secured credit facility (B+), according to a market source.

Jefferies acted as the lead bank on the deal that was completed on March 4, with CIT the documentation agent and ING the syndication agent.

The facility consists of a $10 million revolver and a $110 million term loan, with both tranches priced at Libor plus 600 basis points with a 1.5% Libor floor and sold at an original issue discount of 981/2, the source said.

Proceeds were used to refinance existing debt.

Maritime Telecommunications is a Miramar, Fla.-based provider of broadband communications, connectivity and content services to remote locations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.