ATN International’s Alaska Communications lifts revolver, term loan

By Marisa Wong

Los Angeles, Dec. 30 – ATN International, Inc. subsidiary Alaska Communications Systems Group, Inc. entered into a first amendment on Dec. 23 to its credit agreement dated July 22, 2021 with Fifth Third Bank, NA as administrative agent to increase the total revolving credit commitment to $75 million from $35 million and term loan commitments to $230 million from $210 million, according to an 8-K filing with the Securities and Exchange Commission.

In addition, the amendment replaced Libor with SOFR as the benchmark interest rate.

Principal payments on the term loan are due quarterly beginning in the fourth quarter of 2023 in quarterly amounts as follows: $1,437,500 from the fourth quarter of 2023 through the third quarter of 2024 and $2,875,000 from the fourth quarter of 2024 through the third quarter of 2026. The remaining unpaid balance is due on July 22, 2026.

On the amendment date, Alaska Communications drew $40 million of additional revolving and $20 million of additional term loan commitments under the amended credit facility.

Also on Dec. 23, ATN International and subsidiary Commnet Wireless, LLC entered into an amendment and confirmation agreement with CoBank, ACB as administrative agent. Effective as of Dec. 22, the second amendment to the receivables credit agreement dated March 26, 2020 extends the draw period under the delayed draw term loan to Dec. 31, 2023.

On Dec. 28, ATN International entered into an amendment agreement with CoBank as administrative agent effective as of Nov. 7. The amendment amends the company’s fourth amended and restated credit agreement dated Dec. 19, 2014 to, among other things, allow for the joinder of certain new subsidiaries as guarantors and approve of some transactions contemplated in connection of the company’s recently completed acquisition of Sacred Wind Enterprises, Inc.

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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