Hibernia Networks today announced the completion of a $165 million senior secured credit facility with a new lender group led by MUFG and includes ING Capital, Citizens Bank, HSBC and CIT. Advised by Bank Street Group LLC, the company can now accelerate the execution of its organic and inorganic strategic strategic initiatives thanks to the incremental liquidity resulting from the substantial reduction in the interest rate of the its senior secured debt.
“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.”
Hibernia Express, the 4,600km ultra low latency submarine cable connecting Halifax, Nova Scotia to Slough, England and Cork, Ireland, is the newest addition to Hibernia Networks’ global network serving more than 100 markets across 25 countries. The company is dedicated to developing its global network reach to provide the high-speed, high-quality connections required as bandwidth demand continues to rise.
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