PAETEC Holding Corp. (NASDAQ GS: PAET) has paid down $10 million of its outstanding revolving loan under its credit facility. “This payment signifies PAETEC’s commitment to use operating cash flow to reduce debt and improve our balance sheet,” said Arunas Chesonis, PAETEC chairman and CEO. ”We are confident that we have the company well positioned both financially and operationally for a more robust 2010.”
The reduction in outstandings on the revolving loan under the credit facility is the second such reduction in the past six months, with a total reduction since the end of the second quarter equaling $20 million.
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