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Financial Advisor

Alaska Communications Systems Holdings, Inc.

$195 Million 03/14/2017 Telecommunications Complete
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Transaction Details

  • On March 14, 2017, Alaska Communications Systems Holdings, Inc. (Nasdaq: ALSK) (“Alaska Communications” or the “Company”), announced it entered into a new $195 million senior credit facility comprised of the following:
    • $15 million Revolving Credit Facility due 2022 with an interest rate of L + 500 bps
    • $120 million Term Loan due 2022 with an interest rate of L + 500 bps
    • $60 million Term Loan due 2023 with an interest rate of L + 700 bps
  • Proceeds from the Term Loans were used to repay in full the outstanding borrowings under its 2015 Senior Credit Facilities totaling approximately $87 million, fund the purchase or repayment of their 6.25% Convertible Notes due May 1, 2018 (the “Convertible Notes”) and to pay fees and expenses related to the transaction; proceeds from the Revolving Credit Facility will be used for working capital and other general corporate purposes
  • On April 14, 2017, Alaska Communications announced the expiration and final results of their tender offer to repurchase the Convertible Notes
    • The Company accepted for purchase ~$84 million, or 89.31% of the outstanding convertible notes, at a purchase price equal to $1,037.50 per $1,000 principal amount of the notes
  • Stephens Inc. served as exclusive financial advisor to Alaska Communications on the arrangement of the senior credit facility

About the company

Alaska Communications
Alaska Communications (NASDAQ: ALSK) is a leading provider of advanced broadband and managed IT services for businesses and consumers in Alaska. The company operates a highly reliable, advanced statewide data and voice network with the latest technology and the most diverse undersea fiber optic system connecting Alaska to the contiguous U.S. For more information, visit http://www.alaskacommunication... or http://www.alsk.com

Sources: Publicly available information
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