Integra Telecom refinances its debt

Integra Telecom's ability to refinance its debt illustrates that the capital markets are showing some sign of a thaw out. This week the CLEC completed the syndication of $785 million in senior secured pari-passu notes and bank debt.

Participating in the refinancing process was J.P. Morgan, Deutsche Bank Securities, Goldman, Sachs & Co., Jefferies & Company and Morgan Stanley, all of which served as joint bookrunners and lead arrangers. This financing round included $475 million of senior secured notes, a $250 million bank term loan and a $60 million revolving line of credit that had been undrawn when the transaction closed.

Proceeds collected from the financing are being targeted primarily to refinance existing debt, while remaining funds will be used for general corporate expenses. Now, Integra can lower the cost of debt, improve their maturity profile and have more operational flexibility.

 For more:
- see the release here

Related articles:
Integra Telecom moves to restructure balance sheet
Integra expands network in central Arizona
Integra Telecom - Dudley Slater, President and CEO - Top 10 BSPs

Suggested Articles

icrosoft took the wraps off of a new cloud service for Azure via its partnership with Genesys.

Ahead of next month's fourth quarter earnings, Windstream touted its 2019 broadband achievements this week.

Cincinnati Bell announced on Friday that it has received an unsolicited buyout bid from an "infrastructure fund" for $12 a share in cash.