Hawaiian Telcom plans to seek refinancing of its existing $300 million senior secured credit facility. The proposed new credit facility would be used to refinance and extend the maturity of the Company's existing $300 million term loan, which matures October 28, 2015.
"The credit markets appear to have improved and we believe conditions now are favorable for us to pursue refinancing of our existing credit facility under improved terms," said Eric K. Yeaman, Hawaiian Telcom's president and CEO. "In addition, we believe our unaudited 2011 fourth quarter results support seeking a refinancing at this time. Our preliminary unaudited fourth quarter results are in line with our expectations, showing revenue improvement over the prior quarter as well as margin improvement," Yeaman added.
The Company's year-end audit process is still ongoing so the preliminary results are subject to change. Actual results for the full-year 2011 and 2011 fourth quarter will become available on or about March 15, 2012 when the Company files its Annual Report on Form 10-K for the fiscal year ended December 31, 2011.
