Alaska Communications Announces Expiration & Final Results of Tender Offer for Its Outstanding 6.25% Convertible Notes Due 2018
April 14 2017 - 7:55AM
Business Wire
Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) (the
“Company”) announced today the expiration and final results of the
Company’s previously announced offer to purchase (the “Tender
Offer”) for cash any and all of its outstanding 6.25% Convertible
Notes due 2018 (the “Notes”).
The Tender Offer expired at 12:00 midnight, New York City time,
on April 14, 2017 (one minute after 11:59 p.m., New York City time,
on April 13, 2017). As of the expiration of the Tender Offer,
$83,956,000 aggregate principal amount of the Notes, representing
approximately 89.31% of the outstanding Notes, were validly
tendered and not validly withdrawn pursuant to the Tender Offer.
The Company has accepted for purchase all Notes that were validly
tendered and not validly withdrawn pursuant to the Tender Offer at
the expiration of the Tender Offer at a purchase price equal to
$1,037.50 per $1,000 principal amount of Notes (plus accrued and
unpaid interest on such Notes, if any, up to but not including the
settlement date). The Company expects to settle the Tender Offer on
April 17, 2017.
After that settlement, approximately $10,044,000 aggregate
principal amount of the Notes will remain outstanding.
Odeon Capital Group LLC acted as dealer manager for the Tender
Offer and Global Bondholder Services Corporation served as the
information agent and the depositary for the Tender Offer.
This press release shall not constitute an offer to purchase, a
solicitation of an offer to purchase, or a solicitation of an offer
to sell securities.
Forward-Looking Statements
This press release includes certain "forward-looking
statements," as that term is defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements,
including those relating to settlement of the Tender Offer and
payment of the Notes, are based on management’s beliefs as well as
on a number of assumptions concerning future events made using
information currently available to management. Readers are
cautioned not to put undue reliance on such forward-looking
statements, which are not a guarantee of performance and are
subject to a number of uncertainties and other factors, many of
which are outside the Company’s control. Such factors include,
without limitation, Federal and Alaska Universal Service Fund
changes, the Company’s ability to meet the terms and conditions of
its credit facility and the related credit agreement, draw down
funds under and repay the credit facility and continue to meet
applicable requirements under the credit facility, the Company’s
ability to make repurchases of shares of common stock and its debt
under the Company’s repurchase plan or otherwise, adverse economic
conditions, the effects of competition in the Company’s markets,
its relatively small size compared with its competitors, its
ability to compete, manage, integrate, market, maintain, and
attract sufficient customers for its products and services, adverse
changes in labor matters, including workforce levels, the Company’s
ability to service its debt (including pursuant to refinanced
credit arrangements) and refinance as required, labor negotiations,
including renegotiating the collective bargaining agreement,
employee benefit costs, the Company’s ability to control other
operating costs, disruption of suppliers’ provisioning of critical
products or services, the impact of natural or man-made disasters,
changes in the Company’s relationships with large customers,
unforeseen changes in public policies, regulatory changes, changes
in technology and standards, its internal control over financial
reporting, and changes in accounting standards or policies, which
could affect reported financial results. For further
information regarding risks and uncertainties associated with the
Company’s business, please refer to its SEC filings, including, but
not limited to, the sections entitled "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in its most recent annual report on Form
10-K and any subsequent quarterly reports on Form 10-Q. Copies of
the Company’s SEC filings may be obtained by contacting its
investor relations department at (907) 564-7556 or by visiting its
investor relations website at www.alsk.com or at the SEC’s website,
www.sec.gov.
About Alaska Communications
Alaska Communications (NASDAQ: ALSK) is the leading provider of
advanced broadband and managed IT services for businesses and
consumers in Alaska. The company operates a highly reliable,
advanced statewide data network with the latest technology and the
most diverse undersea fiber optic system connecting Alaska to the
contiguous U.S. For more information, visit
www.alaskacommunications.com or www.alsk.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170414005045/en/
Alaska CommunicationsMedia Contact:Heather Cavanaugh,
907-564-7722orInvestor Contact:Tiffany Smith,
907-564-7556investors@acsalaska.com
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