Hibernia Networks obtains $165 million facility to repay existing debt

By Tali Rackner

Norfolk, Va., June 1 – Hibernia Networks closed on a $165 million senior secured credit facility with a lender group led by MUFG, according to a press release.

The refinancing will be used to pay down existing debt of $97 million, as well as provide incremental liquidity to fund organic and inorganic strategic initiatives in support of the company’s continued growth and expansion.

The new credit facility represents a substantial reduction in the interest rate on the company’s senior secured debt and provides for incremental liquidity enabling Hibernia Networks to accelerate the execution of its strategic objectives, the release said.

Bank Street Group LLC acted as Hibernia Networks’ financial adviser for the refinancing.

Hibernia is a telecommunications company with offices in the U.S., Ireland, U.K., Canada, the Netherlands and India.

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