Alaska Communications seeks $385 million credit facility

By Sara Rosenberg and Paul A. Harris

New York, Jan. 4 - Alaska Communications Systems Group Inc. is looking to get a new $385 million senior credit facility, consisting of a $50 million revolver and a $335 million term loan, according to a company news release.

Proceeds from the facility, along with proceeds from a proposed $75 million common stock offering, will be used to repay the existing senior secured credit facility and to repurchase all outstanding 9 3/8% senior subordinated notes due 2009 and approximately 35% of the outstanding 9 7/8% senior notes due 2011.

Pro forma net leverage would be 4.7x after the offerings, down from 5.3x, a market source said.

Alaska Communications is an Anchorage, Alaska, communications provider.

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