ATN International closes $200 million revolver due 2024 with CoBank

By Sarah Lizee

Olympia, Wash., April 16 – ATN International, Inc. entered into an amended and restated credit agreement on April 10 with CoBank, ACB as administrative agent, providing for a $200 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The revolver includes up to $75 million that may be used for standby or trade letters of credit and an up to $10 million swingline subfacility. At amendment close, about $8 million of letters of credit were issued, outstanding and undrawn.

The revolver matures April 10, 2024.

Interest is Libor plus 125 basis points to 225 bps, based on the company’s total net leverage ratio. At close, interest was Libor plus 125 bps.

The fee for unused portions of the facility range from 15 bps to 37.5 bps. At close, the fee was 15 bps.

The company must maintain a total net leverage ratio of no greater than 2.75 to 1.00, stepping up to 3.75 to 1.00 during the quarter when a qualifying acquisition has occurred and for the next three quarters.

CoBank is the bookrunner and lead arranger. Joint lead arrangers include MUFG Union Bank, NA and Fifth Third Bank.

ATN and its portfolio of companies invest, own and operate communications companies and renewable energy assets. The company is based in Beverly, Mass.

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