Hibernia Networks refinances $52 million of its debt

Hibernia Networks, a global capacity provider, on Thursday completed refinancing of $52.5 million of its debt, a move it says will enable it to pay off debt and provide incremental liquidity for growth and capital.

One of the new lender groups in this transaction includes funds managed by affiliates of Fortress Investment Group LLC and Bridge Bank.

The financing comes at a transitional time for the service provider.

Earlier this week, Hibernia Atlantic changed its name from Hibernia Atlantic to Hibernia Networks as a way to illustrate that it has evolved from just another submarine cable operator to being a broader network solutions provider.

In recent years, the service provider has been finding a growing niche for its fiber-based Ethernet, DTM and even SONET-based services in three main vertical segments:  wholesale, financial and media.

While Hibernia has not announced any specific new network growth plans, it will likely continue to play up its growing image as a broader solutions provider and use this refinancing effort to focus on key growth areas.

For more:
- see the release

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