Hibernia Networks Completes $52.5 Million Refinancing
SUMMIT, NJ & DUBLIN, IRELAND – January 17, 2013 – Hibernia Networks, a provider of global capacity services, announced today that it completed a $52.5 million debt refinancing. The proceeds of the refinancing were used to pay off existing indebtedness and will provide incremental liquidity for growth and for working capital. The new lender group includes funds managed by affiliates of Fortress Investment Group LLC and Bridge Bank.
"With this transaction, Hibernia has reduced its cost of capital considerably – a reflection of the successful execution of our business plan," stated Lloyd Jarkow, CFO of Hibernia. "Hibernia is focused on continued growth and we are excited about the strategic value of our new lender relationships."
Hibernia's cutting-edge network technology allows carriers and service providers to leverage its reliable, next-generation services. Its self-healing ring architecture is engineered across diverse paths allowing Hibernia to provide secure services with 100% service level guarantees for its dedicated Ethernet, DTM and optical-level services, Gigabit Ethernet, 10 Gigabit and LanPhy wavelengths and traditional SONET/SDH services.
Hibernia's network offers direct access to over 120 points of presence across North America, Europe and Asia. Fortress Investment Group LLC (NYSE: FIG) is a leading, highly diversified global investment firm with over $50 billion in assets under management. Fortress manages assets on behalf of over 1,400 institutional clients and private investors worldwide across a range of investment strategies including private equity, credit, liquid hedge funds and traditional fixed income.
Bridge Bank, National Association (NASDAQ: BBNK) is a full-service professional business bank dedicated to meeting the financial needs of small, middle market, and emerging technology businesses. Bridge Bank provides its clients with a comprehensive package of business banking solutions delivered through experienced, professional bankers.
With a growing nationwide web of offices and a correspondent banking network that stretches worldwide, Bridge Bank's Technology Banking Division serves venture-backed and non-venture-backed companies from inception through IPO, and companies focused on renewable energy projects. For additional information, visit www.bridgebank.com Bank Street Group served as exclusive financial advisor and sole placement agent in connection with the refinancing.
For more information on Hibernia's network and to view its global network map, visit www.hibernianetworks.com. # # #
About Hibernia Networks:
Hibernia Networks owns and operates a global network connecting North America, Europe and Asia. Hibernia offers over 120 network Points of Presence (PoPs) on over 24,000 kilometers of fiber. Hibernia Networks serves wholesale, financial and media customers with unparalleled support, flexibility and service. Hibernia's wholesale services provide secure and diverse dedicated Ethernet, DTM and optical-level services, including GigE, 10G and LanPhy wavelengths and traditional SONET/SDH services. Hibernia's financial services unite hundreds of global banks and financial exchanges with low latency connectivity. Hibernia's media services are dedicated to flawless delivery of video signals over fiber, supporting media companies across the globe with over 150 media connection points. Hibernia Networks is owned by Columbia Ventures Corporation and funds managed by Constellation Growth Capital. For more information on Hibernia's cutting-edge network and services, please visit www.HiberniaNetworks.com.
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