Alaska Communications amends 2019 credit facility covenants

Chicago, Feb. 10 – Alaska Communications Systems Group, Inc. amended the terms and conditions of its financial covenants in its Jan. 22, 2019 credit facility with ING Capital LLC as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The central change was related to the defined term “Consolidated EBITDA.”

The terms and conditions changed the definition of consolidated EBITDA when adding to net income, from a list of items that to the extent deducted in calculating net income without duplication, the sum of “without duplication of any addbacks provided in the definition of pro forma basis, any transaction costs and similar amounts (including termination fees) during such period that are expensed, accompanied by such supporting documentation as the administrative agent shall request.”

The original language held the following, “from without duplication of any addbacks provided in the definition of pro forma basis, any transaction costs and similar amounts during such period that are required to be expensed as a result of the application of ASC 805 (whether or not applicable thereto), accompanied by such supporting documentation as the administrative agent shall reasonably request.”

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

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