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Alaska Communications plans $230 million credit facilities for buyout
By Sara Rosenberg
New York, Dec. 23 – Alaska Communications Systems Group Inc. has received a commitment for $230 million of senior secured credit facilities to help fund its acquisition by Macquarie Capital and GCM Grosvenor, according to a SC 13D filed with the Securities and Exchange Commission on Wednesday.
The facilities consist of a $20 million revolver and a $210 million initial term loan.
ING Bank, Societe Generale, Sumitomo Mitsui Banking Corp. and MUFG are the joint lead arrangers and bookrunners on the deal.
Other funds for the buyout will come from equity.
Under the agreement, the company is being bought for $3.26 per share in cash. The transaction is valued at about $325 million, including net debt.
Closing is subject to the approval of Alaska Communications’ stockholders, regulatory approvals and other customary conditions.
Alaska Communications is an Anchorage-based provider of advanced broadband and managed IT services for businesses and consumers in Alaska.
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