DUBLIN, Ireland--(BUSINESS WIRE)--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.”
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 Bank Street Group LLC acted as Hibernia Networks’ exclusive financial advisor for the refinancing.
For more information on Hibernia Networks’ cutting-edge network solutions, please visit www.hibernianetworks.com.
About Hibernia Networks:
Hibernia Networks owns and operates a global network serving more than 100 markets and spanning 25 countries. Hibernia Networks serves customers with unparalleled support, flexibility and service in a variety of industry segments including financial markets, web-centric, media and entertainment, and telecom service providers. Providing enterprise-class and wholesale global connectivity solutions, Hibernia Networks offers secure and diverse optical transport, Ethernet, and carrier-grade IP transit services. Hibernia Networks also offers dedicated cloud connectivity, low latency services, DTM and HiberniaCDN for seamless anytime, anywhere content delivery. Hibernia Express, Hibernia Networks’ transatlantic cable, provides the lowest latency connections available between major commercial and financial centers in North America, Europe and beyond. The state-of-the-art cable system garnered two Global Carriers Awards in 2015 - Subsea Project of the Year and Best Subsea Innovation.