Alaska Communications to redeem $94 million of 6.25% convertibles

By Tali Rackner

Norfolk, Va., March 14 – Alaska Communications Systems Group, Inc. plans to set aside $94 million of the proceeds from a new $195 senior credit facility to repay the outstanding principal balance of its 6.25% convertible notes due May 1, 2018, according to a press release.

The company expects to launch a tender offer to repurchase the convertible notes.

Alaska Communications Systems Holdings, Inc. entered into a new senior credit facility that includes a $120 million term loan tranche maturing in 2022, a $60 million term loan tranche maturing in 2023 and a $15 million revolving credit facility.

Proceeds will also be used to fully repay the outstanding borrowings under its 2015 senior credit facilities totaling about $87 million.

Alaska Communications is an Anchorage-based provider of broadband and other wireline and wireless services.

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