From:TheBahamasWeekly.com
Cable Bahamas secures $135 million financing for next stage of strategic growth
Sep 20, 2013 - 2:21:07 PM
NASSAU, THE BAHAMAS,
20th September, 2013 -
Cable
Bahamas Ltd. announced today that it has successfully completed a USD
$135 Million refinancing of its Senior Credit Facility. This
announcement comes o
n
the heels of the Company's successful 100% acquisition of US
Metropolitan LLC, a Florida telecommunications provider, for $24.9M in
cash.
"The
closing of this financing completes the next milestone in the long-term
strategic plan that was adopted nineteen months ago," said Anthony
Butler, Chief Executive Officer of Cable Bahamas. "We are pleased to
have completed the refinancing of Cable Bahamas' Senior Credit Facility
on attractive terms. The business is now appropriately capitalized for
the next chapter of the Company's growth". Mr. Butler further indicated
that, "The refinancing will enable Cable Bahamas to continue with its
growth strategy, complete the acquisition of the US target companies and
also facilitates the flexibility to execute its plans to continue
providing, enhancing and expanding the suite of telecommunication
services in The Bahamas".
The
Refinanced Senior Secured Credit Facility consists of a USD$100 million
term loan, USD$15 million Revolving Credit Facility and a USD$20
million Incremental Credit Facility.
Interest on the Facility is based on LIBOR plus applicable margins ranging between 2.5% - 4%.
In
addition to refinancing its current outstanding bank debt, Cable
Bahamas will use the proceeds from the facilities to: (i) complete the
purchase of the three remaining Florida telecommunication companies; and
(ii) pay all fees and expenses related to the refinancing and
acquisitions.
Commenting
on the announcement, Cable Bahamas Senior Vice President and CFO Barry
Williams stated, "The refinancing we just completed is the largest in
the Company's history, and is another milestone that will greatly
contribute to the continued success to our financial strength and
operating performance. We are pleased with the ongoing support from our
banking partners, and we believe the enhanced financial flexibility and
our already strong free cash flow will serve us well into the future."
The
syndicated term loan involved RBC Capital Markets, Scotiabank (Bahamas)
Limited and CoBank, headquartered in Denver, Colorado. RBC Capital
Markets acted as Sole Lead Arranger and Bookrunner for the cross-border
debt facilities for the transaction.
About Cable Bahamas Ltd.
Cable
Bahamas is the communications provider of choice and the first to offer
triple play services in The Bahamas. Services are provided under the
REV suite of products including REVOICE, REVON and REVTV covering
telephony, Internet and cable TV respectively. The company has
revolutionised every area of business, delivering REVOICE landline phone
service at the lowest cost and with the most features in The Bahamas,
REVON broadband Internet, which is the fastest in the nation, and REVTV
cable TV services that includes more than 500 channels with dozens in HD
and thousands of hours of video on demand content. Cable Bahamas serves
residential and business customers on 16 islands in The Bahamas. The
company also created the Cable Cares Foundation, which has awarded over
$2 million to local Bahamian non-profit organisations since inception.
For more information please visit the company website at www.cablebahamas.com, follow on Twitter @cablebahamas or visit the company Facebook page at www.facebook.com/GetRevdUp.
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