Hibernia Atlantic changes name, refinances debt

Global fiber-optic network services provider Hibernia Atlantic has changed its name to Hibernia Networks. The company also announced that it has completed a $52.5 million debt refinancing.

“Hibernia Atlantic” no longer fits the company’s business scope, given that it has expanded from providing services over its transatlantic fiber-optic cable system (see, for example “Hibernia Atlantic undersea network to connect Iceland with North America and Europe”) to a more global player. “Hibernia has evolved well beyond its original transatlantic serving area,” stated Bjarni Thorvardarson, the company’s CEO. “Today, as Hibernia Networks, our company reflects a unified team offering worldwide network services to a focused, but expanding, customer base.”

Hibernia Networks comprises three strategic platforms -- wholesale, financial, and media. As part of the name change, Hibernia Media will now be fully integrated under the Hibernia Networks platform. The company’s global network, with more than 24,000 km of fiber, currently reaches more than 120 points of presence (PoPs) in North America, Ireland, United Kingdom, Europe, and the Pacific Rim. It also operates five company-owned cable landing stations.

Meanwhile, the debt refinancing has enabled Hibernia Networks to pay off existing debt as well as provide funds for growth and 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 lender relationships.”

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