Alaska Communications Systems plans new $470 million credit facility to refinance existing loans

By Jennifer Chiou

New York, Sept. 30 - Alaska Communications Systems Group, Inc. announced plans to refinance its existing senior secured credit facility using proceeds from a proposed credit facility, consisting of a $30 million revolving credit component and a $440 million term loan component.

Borrowings will go toward the refinancing and extension of its existing $426 million term loans and $45 million revolver, which matures on Feb. 1, 2011, while the term loans come due one year later.

The Anchorage-based communications company said that the closing of the new facility is expected in October, subject to market and other customary conditions.

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