Originally posted on Hibernia Networks
Substantially lowers cost of capital and provides incremental liquidity
DUBLIN, IRELAND – June 1, 2016 – Hibernia Networks, a leading provider of global, high speed telecommunications solutions, announces that it has completed a $165 million senior secured credit facility with a new lender group. The refinancing will be used to pay down existing indebtedness 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 lender group is led by MUFG, and includes ING Capital, Citizens Bank, HSBC, and CIT.
“We are delighted to have completed this landmark financing transaction for the company. Our new lending group comprise highly regarded financial institutions with operations and relationships spanning multiple markets globally, complementing Hibernia Networks’ expanding global reach. This transaction demonstrates the capital markets’ positive reception to our strong ongoing financial performance,” states Lloyd Jarkow, CFO of Hibernia Networks. “This is yet another milestone in Hibernia Networks’ fast-paced evolution as we continue to effectively execute on our business plan. We are well positioned to build on the momentum generated by the launch of Hibernia Express last fall and we are pleased to have secured the support of our new lending group along our pathway of continued growth.”
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