Atlantic Tele-Network, Inc. today reported that it has amended and restated its existing senior secured credit facility, providing for the addition of a new $50 million term loan and a $25 million expansion of its existing revolver facility. The amended and restated credit facility also includes the Company's existing $72 million and $148 million term loans, which were outstanding under the Company's previous credit facility. The Company's existing $75 million revolving loan was increased to $100 million. CoBank, ACB acted as administrative agent and lead arranger in the transaction.
Justin D. Benincasa, Chief Financial Officer of the Company, said, “This expansion gives us the flexibility to fund planned capital expenditures and continue the Company's growth initiatives.”
The Company used a portion of the new term loan to repay outstanding borrowings under the Company's revolving loan. The Company expects to use the remaining proceeds from the credit facility for working capital expenses, capital expenditures, and other corporate purposes. The Company currently has no borrowings under its amended revolving loan.
About Atlantic Tele-Network
Atlantic Tele-Network, Inc., headquartered in Beverly, Massachusetts, provides telecommunications services to rural, niche and other under-served markets and geographies in the United States, Bermuda and the Caribbean. Through our operating subsidiaries, we provide both wireless and wireline connectivity to residential and business customers, including a range of mobile wireless solutions, local exchange services and broadband internet services and are the owner and operator of terrestrial and submarine fiber optic transport systems. For more information, please visit www.atni.com.