Hibernia Networks, a provider of global, high-speed telecommunications solutions, completed a $165 million senior secured credit facility with a new lender group led by MUFG.
The refinancing will be used to pay down existing indebtedness of $97 million and provide incremental liquidity to fund organic and inorganic strategic initiatives in support of the company’s continued growth and expansion. The new lender group 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 comprises 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,” said Lloyd Jarkow, CFO of Hibernia Networks.
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 acted as Hibernia Networks’ exclusive financial advisor for the refinancing.
Hibernia Networks owns and operates a global network serving more than 100 markets and spanning 25 countries.