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Columbus International Inc. Closes on $225 Million 9.50% Senior Guaranteed Unsecured Notes Facility(May 31, 2012)
BRIDGETOWN, BARBADOS -- (Marketwire) -- 05/31/12 -- Columbus International Inc. (the "Company") is pleased to announce that it has recently entered into a $225 Million 9.50% Senior Guaranteed Unsecured Notes Facility due 2017 (the "Notes Facility" and the notes issued thereunder, the "Notes"). The Company has initially drawn $82 Million from the Notes Facility. Additional amounts under the Notes Facility are available to the Company until May 21, 2013 so long as its remains in compliance with the covenants of both its 2014 Senior Secured Notes Indenture and the Note Purchase Agreement which governs the Notes Facility. The Notes bear annual interest at rate of 9.50%, paid quarterly, and are callable after 2.5 years and in other limited circumstances described in the Note Purchase Agreement.
The Company intends to use the net proceeds from the Notes to accelerate the completion of current capital plans, fund potential future acquisitions, enhance balance sheet liquidity and flexibility and for general corporate purposes. Entering into the Notes Facility will provide the Company with additional proceeds to capitalize on near-term opportunities and the flexibility to prudently manage its financial position.
ABOUT THE COMPANY
Columbus International Inc. is a privately held diversified telecommunications company based in Barbados. The Company provides digital cable television, broadband Internet, digital landline telephony and corporate data services in Trinidad, Jamaica, Grenada and Curacao all of which operate under the brand name, FLOW. Through its wholly owned subsidiary, Columbus Networks, the Company provides capacity and IP services, corporate data solutions and data center hosting throughout 23 countries in the greater Caribbean, Central American and Andean region. Through its fully protected, ringed submarine fiber optic network spanning close to 18,000 km and its 21,000 km terrestrial fibre and coaxial network, Columbus' 1,900 employees provide advanced telecom services to a diverse residential and corporate client base of close to 500,000 customers.
Forward-looking statements in this announcement are based on current expectations. These statements are not guarantees of future events or results. Future events and results involve some risks, uncertainties and assumptions that are difficult to predict. Actual events and results could vary materially from the description contained herein due to many factors including changes in the market for the Notes, changes in the business and financial condition of the Company and its subsidiaries, and changes in the debt markets in general.
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