ITC^DeltaCom Sells $325 Million Of Senior Notes
April 12, 2010 (FinancialWire) — ITC^DeltaCom, Inc. (OTCBB: ITCD), a provider of communications services to customers in the southeastern U.S., said that it has closed a private offering of $325 million of 10.5% senior secured notes due in 2016.
The company said it also closed a $30 million revolving credit facility, which it said was undrawn at closing. ITC^DeltaCom said it used the net proceeds from the offering, after accounting for original issue discount, to fully repay around $305.5 million of debt, including accrued interest, under the company's existing credit facilities.
The remaining proceeds of around $12.5 million have been or will be used to pay transaction fees and expenses and for general corporate purposes, according to the company.
Alabama-based ITC^DeltaCom provides integrated telecommunications and technology services to businesses and other communications providers in the southeastern U.S.
The firm has a fiber optic network spanning around 12,161 route miles, and offers a suite of data and voice communications services, including broadband data communications, local exchange, long-distance and conference calling, and mobile data and voice services.
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