Alaska Communications Announces Refinancing PlansANCHORAGE, Alaska, Sep 30, 2010 (BUSINESS WIRE) -- Alaska Communications Systems Group, Inc. ("ACS") (NASDAQ: ALSK) today announced plans to refinance its existing senior secured credit facility. The proposed facility is expected to consist of a $30 million revolving credit component and a $440 million term loan component. ACS plans to use the net proceeds from borrowings under the new credit facility to refinance and extend the maturity of its existing $426 million term loans and $45 million revolver. The revolving component of the existing facility matures February 1, 2011 and the term loans under the existing facility mature February 1, 2012. The closing of the new facility is expected to occur in October 2010, subject to market and other customary conditions.
About Alaska Communications
ACS, through its subsidiaries, is Alaska's leading provider of broadband and other wireline and wireless solutions across businesses and consumers. The Alaska Communications wireline operations include the state's most advanced data networks and the most diverse undersea fiber optic system connecting Alaska to the contiguous United States. The company's wireless operations include a statewide 3G CDMA network, reaching across Alaska from the North Slope to Ketchikan, with coverage extended via best-in-class CDMA carriers in the Lower 49 and Canada. By investing in the fastest-growing market segments and attracting the highest-quality customers, ACS seeks to drive top and bottom-line growth, while continually improving the customer experience. More information can be found on the company's website at www.alaskacommunications.com or at its investor site at www.alsk.com.
This press release contains forward-looking statements, including those relating to: the proposed credit facility; the aggregate principal amount thereof; and the use of the net proceeds. Forward-looking statements provide current expectations or forecasts of future events and are indicated by such words as "believes," "expects," "intends," "plans," and similar words and are not guarantees of future performance, nor should they be relied upon as representing ACS' views as of any subsequent date. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, changes in the markets and market prices that may affect the expected terms and conditions of the credit facility, ACS' ability to effectively execute its business and capital plans; changes in general economic and market conditions, including the stock market; changes in interest rates, including interest rate resets; and changes in the competitive environment. Additional risks and uncertainties and other information concerning factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements is available in the Corporation's annual report on Form 10-K for the year ended December 31, 2009, and subsequent filings with the Securities and Exchange Commission ("SEC"). Copies of these filings are available on ACS' investor web site at www.alsk.com. ACS specifically disclaims any obligation to update these statements.
SOURCE: Alaska Communications Systems Group, Inc.
Copyright Business Wire 2010
Posted: September 30, 2010
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