GCI Holdings closes on $220 million credit facility

By Sara Rosenberg

New York, Oct. 27 - GCI Holdings Inc. closed on its $220 million senior secured credit facility (BB+) on Monday, according to a company spokesman. Credit Lyonnais was the lead bank on the deal.

The facility consists of a $170 million term loan with an interest rate of Libor plus 325 basis points and a $50 million revolver with an initial interest rate of Libor plus 325 basis points. Pricing on the revolver is grid based and may fluctuate depending on the company's leverage, the spokesman said.

The new facility, which will be used for general corporate purposes, was obtained to refinance and reprice the previous loan.

Last year GCI obtained a $225 million credit facility (now sized at $220 million due to a $5 million payment) consisting of a $175 million term loan with an interest rate of Libor plus 650 basis points and a $50 million revolver with an interest rate of Libor plus 650 basis points.

GCI is an Anchorage, Alaska provider of voice, video and data communication services to residential, commercial and government customers.

© 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.