|[January 17, 2013]
Hibernia Networks Completes $52.5 Million Refinancing
SUMMIT, N.J. & DUBLIN --(Business Wire)--
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
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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