Atlantic Tele-Network to draw on facility to buy Verizon assets

By Sara Rosenberg

New York, June 9 - Atlantic Tele-Network Inc. plans to use borrowings under its existing credit facility, along with cash on hand, to fund the $200 million acquisition of wireless assets from Verizon Wireless, according to a news release.

As of April 30, the company had about $90 million in cash and cash equivalents, $75 million of available borrowings under its undrawn revolver, and an additional $50 million of borrowing capacity, subject to lender consent, under its term loan.

The wireless properties being acquired include wireless spectrum licenses and network assets, serving over 800,000 subscribers primarily in rural areas across Georgia, North Carolina, South Carolina, Illinois, Ohio and Idaho.

The transaction is expected to close in the third of fourth quarter, subject to customary closing conditions and regulatory approvals, including the receipt of required consents and approvals from the Department of Justice and the Federal Communications Commission.

Atlantic Tele-Network is a Salem, Mass.-based telecommunications company.

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