Hibernia Atlantic closes on $12 million

MAY 19, 2009 -- The Bank Street Group LLC, a private investment banking firm, says it has placed $12 million senior secured financing for Hibernia Atlantic US, LLC, a wholly owned subsidiary of Hibernia Atlantic ehf.

MAY 19, 2009 -- The Bank Street Group LLC, a private investment banking firm, says it has placed $12 million senior secured financing for Hibernia Atlantic US, LLC, a wholly owned subsidiary of Hibernia Atlantic ehf (search Lightwave for Hibernia Atlantic). Hibernia Atlantic provides bandwidth and connectivity services to enterprises and carriers over its transatlantic fiber-optic cable system and terrestrial fiber-optic network in North America and Europe. Bank Street Group served as exclusive financial advisor and sole placement agent in connection with the financing, which came from sole investor BIA Digital Partners II LP, a private investment firm headquartered in Chantilly, VA.

Hibernia Atlantic US will use the $12 million to fund growth-related capital expenditures in support of the company's core domestic terrestrial and transatlantic network to provide connectivity to its enterprise and carrier customer base.

"Hibernia is pleased to have closed this initial round of debt financing with BIA. The proceeds of this financing will fully fund the company's current business plan, facilitating incremental investment in our network as well as demand-driven capital expenditures related to our growing customer base," remarked Hibernia Atlantic CEO Bjarni Thorvardarson.

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