Hibernia Atlantic Announces Closing of $12 Million Senior Secured Financing

Tue May 19, 2009 11:26am EDT

* Reuters is not responsible for the content in this press release.

STAMFORD, Conn. & SUMMIT, N.J. & DUBLIN--(Business Wire)--
The Bank Street Group LLC today issued a press release highlighting the
placement of a $12 million Senior Secured Financing for Hibernia Atlantic US,
LLC, a wholly-owned subsidiary of Hibernia Atlantic ehf ("Hibernia Atlantic").
Hibernia Atlantic, headquartered in both Summit, NJ and Dublin, Ireland, is a
leading provider of high-capacity bandwidth and connectivity services to
enterprises and carriers over its unique and differentiated TransAtlantic fiber
optic cable system and substantial terrestrial fiber optic network in North
America and Europe. Hibernia Atlantic is a portfolio company of Columbia
Ventures Corporation (CVC), a private investment fund based in Vancouver,
Washington focused principally on the international communications industry.
Bank Street Group served as exclusive financial advisor and sole placement agent
in connection with the financing. 

The $12 million Senior Secured Financing will be used by Hibernia Atlantic US,
LLC to fund growth related capital expenditures in support of the Company`s core
domestic terrestrial and Transatlantic network to provide connectivity to its
growing enterprise and carrier customer base. BIA Digital Partners II LP, a
private investment firm headquartered in Chantilly, Virginia with a focus on the
media and entertainment, telecommunications, information services, and business
services sectors, was the sole investor in this round of funding. 

"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. "Bank Street dedicated a
team of senior professionals who worked intensely against a challenging debt
capital markets backdrop and produced exceptional results for the Company." 

"We are delighted to have worked with Hibernia Atlantic and BIA to complete a
financing that will fund the future growth of the Company. This transaction is
core to Bank Street`s investment banking and capital markets practice which
serves middle market companies in a number of growth industries," said Amy S.
Johnson, Managing Director and Head of Debt Capital Markets at Bank Street.
"Bank Street remains very active in raising debt capital for our clients, and we
continue to broaden our relationships with middle market financing sources that
are actively seeking to deploy debt capital within the industry sectors covered
by the firm" commented Johnson. 

About Hibernia Atlantic

Hibernia Atlantic is the only privately held, diverse TransAtlantic submarine
cable transport provider. Hibernia is a US, wholly-owned subsidiary of Columbia
Ventures Corporation (CVC). It is a dual TransAtlantic submarine cable and
terrestrial cable network that offers over (70) redundant network Points of
Presence (PoPs) throughout Canada, US, UK and mainland Europe on over 24,000
kilometers of network. Hibernia provides secure and diverse dedicated Ethernet
and optical-level service up to GigE, 10G and LanPhy wavelengths and traditional
Sonet/SDH services. In addition, Hibernia offers wholesale capacity prices,
unparalleled support, flexibility and service. For more information on Hibernia
Atlantic's cutting-edge network or to view their corporate video, please visit

For Hibernia Atlantic business inquiries, please contact Melissa Butler at
908-988-1990 or melissa.butler@hiberniaatlantic.com. 

To view Hibernia's corporate overview video, please click here:

About Bank Street

Bank Street is a private investment banking firm providing a comprehensive array
of financial advisory services. Our senior professionals have originated,
structured and executed more than $250 billion of financial and strategic
transactions and are dedicated to bringing the breadth and depth of this
experience to bear to the benefit of our clients. With a portfolio of
capabilities that includes Financial Advisory, Mergers & Acquisitions, Private
Placements of Debt & Equity, Restructuring & Turnaround Advisory, Valuation and
Fairness Opinions, Bank Street offers a full complement of services for our
corporate and institutional clients. For more information, visit

For Hibernia Atlantic International
Jaymie Scotto & Associates
Jaymie Scotto Cutaia, +1 866-695-3629
The Bank Street Group LLC
James Henry, 203-252-2802

Copyright Business Wire 2009

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