Qwest's stock got a Christmas boost on Monday when news broke that it secured a $1.035 billion revolving credit facility.
Set to expire in September 2013, the new credit agreement with Wachovia Bank National Association replaces a previous agreement that was going to expire in Oct. 21, 2010. While the service provider is not using the money right now, if it does need it the company will use it for corporate purposes including working capital, capital expenditures and debt refinancing.
"Every one of our 13 existing revolving credit facility banks reaffirmed or increased its existing commitment to the new revolving credit facility," said Joseph J. Euteneuer, executive vice president and chief financial officer for Qwest in a statement.
- see the company release here
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