It has been a while since Hibernia Atlantic was limited to the Atlantic, as their transatlantic cable is accompanied these days by a whole lot of terrestrial fiber and penetration into the financial and media verticals. So the company’s decision yesterday to evolve its brand to reflect its current position in the bandwidth food chain shouldn’t be too big a surprise. The new name, Hibernia Networks, fits better with the diverse set of products and network assets they now offer.
Then today they quickly followed up with a balance sheet move. They’ve completed a $52.5M debt refinancing powered by Fortress Investment Group LLC and Bridge Bank. The new funds both pay off existing indebtedness and provide some incremental liquidity while lowering the company’s cost of capital. Hibernia announced two acquisitions in the media/video space a few months back, and thus a cleaning up of the balance sheet makes sense.
Rebranding aside, Hibernia’s still got a big project outstanding in the Atlantic. We haven’t heard much about the ultra-low latency Project Express recently, although the target date for the new transatlantic system isn’t all that far off anymore.