Here are five key facts:
1. Alliance will use the funding to pay down all outstanding borrowings under its revolving credit facility.
2. The company will also use the money to pay fees and expenses related to the incremental term loan and anticipates using the remaining proceedings toward general corporate purposes.
3. Moody Investors Services upgraded their outlook on Alliance from negative to stable.
4. Howard Aihara, executive vice president and chief financial officer, stated the financing will enhance the company’s balance sheet and strength their financial flexibility.
5. Alliance’s incremental loan funded at 99.5 percent of principal amount and will mature on the same date as the existing term loan in June 2019.
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