Alaska Communications to draw on revolver for Crest purchase

By Sara Rosenberg

New York, April 2 - Alaska Communications Systems Group Inc. plans to draw up to $20 million under its existing revolving credit facility to help fund the acquisition of Crest Communications Corp., according to a news release.

Other financing for the about $70 million acquisition will come from cash on hand and cash flow from operations.

The transaction, which is subject to various closing conditions, as well as federal and state regulatory approval, is expected to close in the second half of 2008.

Alaska Communications is an Anchorage, Alaska-based provider of broadband and other wireline and wireless services to enterprise, carrier and mass market customers. Crest Communications is the owner and operator of the North Star submarine fiber-optic cable.

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