GCI gets $100 million of incremental bank debt

By Sara Rosenberg

New York, Sept. 26 - GCI Holdings Inc. closed on $100 million in incremental bank debt, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

The debt is comprised of a $55 million term loan add-on and a $45 million revolver add-on.

GCI was permitted to borrow $75 million of the $100 million on Sept. 14 and will be allowed to borrow the remaining $25 million on or before Sept. 28.

The incremental debt carries the same terms as the existing credit facility, so the term loan is priced at Libor plus 200 basis points and the revolver can see pricing range from Libor plus 150 bps to 225 bps based on leverage.

GCI is an Alaska-based company providing voice, video and data communication services to residential, commercial and government customers.

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