GTT to refile some financial statements, attracts USD 275 mln worth of new loans

News General Global 23 DEC 2020
GTT to refile some financial statements, attracts USD 275 mln worth of new loans
GTT Communications said it will have refile a number of financial statements after conducting a review of certain accounting issues. The statements for full year 2017, 2018 and 2019 will have to be refiled, as will the report for the first quarter of this year. GTT said it will restate the financial statements as soon as it can.

The company also announced USD 275 million worth of new loans from existing lenders and noteholders. The company said the delayed-draw term loan facility will ensure it moves forward with its business plans, as it works towards closing the sale of its infrastructure division to I Squared Capital next year. GTT expects to close the financing by 28 December, subject to certain conditions.

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