Alaska Communications to cut debt by $250 million via asset sale

By Susanna Moon

Chicago, Dec. 4 – Alaska Communications said it plans to reduce debt to about $165 million from about $415 million using proceeds of an asset sale.

The company agreed to sell its remaining wireless assets to GCI Communications, Inc. for $300 million and plans to use proceeds to deleverage its balance sheet, according to a company press release.

The debt reduction will improve the net debt leverage ratio to 3.1 times on a pro forma basis from 4.5x.

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

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