GTT Secures Commitment for New Term Loan Facility to Strengthen Liquidity Position

Source: www.gulfoilandgas.com 12/22/2020, Location: South America

GTT Communications, Inc., a leading global cloud networking provider to multinational clients, has entered into a commitment letter through which certain of GTT’s existing lenders and noteholders have committed to providing the company with a new $275 million delayed-draw term loan facility.

GTT Interim CEO Ernie Ortega said, “We are pleased to announce this development and appreciate the support of our lenders and noteholders in providing us with their commitment for this new facility.

This term loan will ensure that we have the appropriate resources to execute on our business plan as we work towards closing the sale of our infrastructure division to I Squared Capital in 2021.

It also demonstrates our commitment to providing a stable and responsible operating environment for our key stakeholders including employees, customers, vendors and suppliers.”

GTT expects to close the financing no later than December 28, 2020, subject to certain conditions.

In addition, as previously communicated, GTT’s management and the audit committee of the company’s board of directors, with assistance from outside counsel and consultants, have been fully engaged in a review of certain accounting issues. As disclosed in a Current Report on Form 8-K filed today, GTT’s board of directors has concluded that the previously issued consolidated financial statements as of and for the years ended December 31, 2019, 2018 and 2017, each of the quarters in the years ended December 31, 2019 and 2018, and the quarter ended March 31, 2020 should no longer be relied upon. GTT intends to file restated consolidated financial statements for these periods as soon as practicable.


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