Hawaiian Telcom completes amendment of $30M credit facility

Hawaiian Telcom (Nasdaq: HCOM) continues to make progress as a reborn company with the completion of an amendment and extension of its $30 million revolving credit facility.

"We are very pleased with the execution of this transaction as it extends the maturity profile of our revolver and strengthens the overall liquidity position of the company," said Eric. K. Yeaman, Hawaiian Telcom's president and CEO, said in a statement.

Although the elements of telco's amended $30 million undrawn revolving credit facility have remained mostly unchanged, the ILEC extended its maturity to Oct. 3, 2015. 

With this credit facility in hand the service provider will able fuel its growth plan that CEO Eric Yeaman has set for the company.

In carrying out this growth plan, Hawaiian Telcom has expanded not only its residential broadband data service, but also introducing new services, including IP-based business services and now IPTV.

In June, the service provider secured a cable franchise to compete with the state's dominant video provider Oceanic Time Warner. However, it is not revealing much about their plans yet other than saying they are doing some pilot deployments on on Oahu.

Thus far, the service provider's growth plan appears to be working. During Q2 2011, it reported $6.7 million profit for the second quarter of 2011, a $1.2 million improvement on its first quarter profit of $5.5 million.

For more:
- see the release

Earnings Summary: Wireline in the second quarter 2011

Related articles:
Hawaiian Telcom's reorganization plan gets PUC approval
Hawaiian Telcom begins trading on NASDAQ
Hawaiian Telcom completes Chapter 11 reorganization
Hawaiian Telcom's TV franchise allows it to compete against Oceanic Time Warner

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