ATN International closes $300 million credit agreement in two parts

By Wendy Van Sickle

Columbus, Ohio, July 17 – ATN International, Inc. entered into a credit agreement on July 13 with CoBank, ACB as administrative agent, lead arranger and bookrunner providing for a $170 million five-year revolver and a $130 million six-year term loan, according to an 8-K filing with the Securities and Exchange Commission.

Up to $25 million may be used for letters of credit and up to $20 million may be used for swingline loans.

At closing, the company drew the full term loan and about $13.6 million of the revolver, with the borrowings used to repay $139.5 million of outstanding debt.

The term loan must be repaid in quarterly installments at a rate of 2.5% per annum through June 2025, stepping up to 5% through June 30, 2026 then to 7.5%.

Borrowings bear interest at SOFR plus a margin ranging from 200 basis points to 375 bps for the term loan and 175 bps to 350 bps for the revolver, with the margin based on the ratio of the company’s debt to EBITDA. ATN must also pay a fee ranging from 25 bps to 50 bps on the daily average unused portion of the credit facility.

ATN and its portfolio of companies invest, own and operate communications companies and renewable energy assets. The company is based in Beverly, Mass.

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