Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Alaska Communications Systems Group Inc. > News item |
Alaska Communications gets option for additional term loan, revolver
By Angela McDaniels
Tacoma, Wash., March 5 – Alaska Communications Systems Group, Inc. amended its credit agreement to add a provision for an additional term loan due April 21, 2019 and an additional revolving credit facility due Oct. 17, 2017, according to an 8-K filed with the Securities and Exchange Commission on Thursday.
No lenders have yet committed to the additional credit facilities.
The new credit facilities would be subject to early termination based on the amount of the outstanding debt of Alaska Communications Systems Holdings, Inc., which is the borrower under the credit agreement, but otherwise they would have the same terms and conditions as the existing credit facilities.
Some covenants were adjusted for periods after the amendment became effective, including a reduction of the required fixed charge coverage ratio to 2.5 times from 2.75 times, an increase in the permissible total leverage ratio to 5.5 times from 5.25 times and a decrease in the permissible senior secured leverage ratio to 3 times from 4.4 times.
The company also received lender consent to sell substantially all the assets related to its wireless business to General Communication, Inc., which is also purchasing Alaska Communications’ interest in Alaska Wireless Network, LLC.
The amendment was made Dec. 23.
JPMorgan Chase Bank, NA is the administrative agent.
Alaska Communications is an Anchorage-based provider of broadband and other wireline and wireless services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.