Item 1.01 Entry into a Material Definitive Agreement
Receivables Credit Agreement
On December 29, 2021 (the "Amendment Date"), ATN International, Inc., a Delaware
corporation (the "Company"), Commnet Wireless, LLC, a Delaware limited liability
company and a wholly owned subsidiary of the Company ("Commnet Wireless"), and
Commnet Finance, LLC, a Delaware limited liability company and a wholly owned
subsidiary of Commnet Wireless ("Commnet Finance"), entered into an Amendment
and Confirmation Agreement with CoBank, ACB ("CoBank"), as Administrative Agent,
Lead Arranger and Sole Bookrunner, and the Lenders party thereto (the
"Receivables Credit Agreement Amendment").
The Receivables Credit Agreement Amendment amends the Credit Agreement, dated as
of March 26, 2020 between Commnet Wireless, Commnet Finance, the Company, and
CoBank (the "Receivables Credit Agreement") to, among other things, extend the
draw period under the delayed draw term loan to December 31, 2022. The
Receivables Credit Agreement Amendment also restricts the Company from entering
into any loans accruing at the London Interbank Offered Rate ("LIBOR") and
increases the interest on loans advanced after the Amendment Date to a rate
based on (i) a base rate plus 1.75% or (ii) a fixed annual interest rate to be
quoted by CoBank in its sole and absolute discretion.
The foregoing description is only a summary of the provisions of the
Receivables Credit Agreement Amendment and is qualified in its entirety by the
terms of the Receivables Credit Agreement Amendment, a copy of which is filed
herewith as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
10.1 Amendment and Confirmation Agreement, dated as of December 29, 2021,
among Commnet Finance, LLC, as Borrower, Commnet Wireless, LLC, as
Originator and Servicer, ATN International, Inc., as Limited Guarantor,
CoBank, ACB, as Administrative Agent, Lead Arranger, and Sole
Bookrunner, and the Lenders party thereto.
104 Cover page formatted in Inline XBRL.
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