Alaska Communications looks to add $57 million to term loan

New York, Feb. 7 - Alaska Communications Systems Group, Inc. is proposing to amend its credit facility to increase the $357 million term loan by $57 million as part of a refinancing transaction.

Borrowings on the facility and cash on hand will be used to fund a tender offer for the $56.9 million principal amount of 9 7/8% senior notes due 2011 issued by the company's Alaska Communications Systems Holdings, Inc. subsidiary.

The company will also ask its bank lenders to allow it to buy the notes in the tender offer and to exclude the purchases of notes in the tender from calculations of the amount of cash Alaska Communications would be permitted to distribute under the terms of the facility.

Alaska Communications is an Anchorage, Alaska, communications company.

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