Alaska Communications to buy back all 9 3/8% notes, 35% of 9 7/8% notes with offering proceeds, loan

By Caroline Salls

Pittsburgh, Jan. 4 - Alaska Communications Systems Group Inc. said it plans to buy back all its outstanding 9 3/8% senior subordinated notes due 2009 and 35% of its outstanding 9 7/8% senior notes due 2011 using proceeds from its proposed $75 million equity offering and new senior secured credit facility.

The completion of the equity offering, senior credit facility and refinancing will be subject to a number of conditions, including market conditions.

Proceeds are also earmarked for a proposed repayment of the company's existing senior secured credit facility.

Alaska Communications is an Anchorage, Alaska-based integrated communications provider.

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