Qwest Communications International Inc. (NYSE:Q) has entered into a new revolving credit facility. The new $1.035 billion agreement expires on Sept. 30, 2013, and replaces the company’s pre-existing revolving credit agreement that was scheduled to expire on Oct. 21, 2010. Wachovia Bank, National Association – an affiliate of Wells Fargo Securities, LLC – acts as administrative agent under the new agreement.
The new credit agreement is currently un-drawn. If drawn, proceeds would be used to provide liquidity for general corporate purposes, including working capital, capital expenditures and debt refinancing. Any amounts drawn on the new agreement are guaranteed by the Qwest Services Corporation (QSC) subsidiary and are secured by a senior lien on the stock of the Qwest Corporation (QC) subsidiary. The bank syndication supporting the new agreement is comprised of a diverse group of 13 banks.
“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. “This support enabled Qwest to increase the size of its revolving credit facility by 22 percent from the previous facility’s initial $850 million. Given the challenging economy and credit environment, we greatly appreciate the continued support of our banking partners.”
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