Consolidated Communications Secures Incremental Term Loan Financing of $150 million
January 15 2021 - 4:00PM
Business Wire
Company positioned for growth with fully funded fiber expansion
plans, targeting 1.6M fiber upgrades over the next five years
inclusive of 300,000 locations in 2021
Consolidated Communications (NASDAQ: CNSL) today announced it
has secured and closed on an incremental $150 million term loan
that is fungible with the Company’s existing First Lien Term Loan B
with maturities due October 2027.
The terms of the incremental term loan facility are
substantially similar to those relating to the Company's existing
term loan facility, except with respect to issue price. The loans
under the incremental term loan facility bear interest at a rate of
equal to LIBOR plus of 4.75% per annum with a 1.0% LIBOR floor.
"We’re very pleased to have secured the additional financing on
attractive terms and appreciate the support of key lenders that
placed the proceeds," said Steve Childers, chief financial officer
of Consolidated Communications. "We are operating from a position
of financial strength, with increased liquidity and a fully funded
growth plan to accelerate our fiber builds.”
JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc.,
Wells Fargo Securities, LLC, Goldman Sachs Bank, USA, Deutsche Bank
Securities Inc., TD Securities (USA) LLC and Mizuho Bank, Ltd.
served as lead arrangers and book runners for the financing.
About Consolidated Communications
Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) is a
leading broadband and business communications provider serving
consumers, businesses, and wireless and wireline carriers across
rural and metro communities and a 23-state service area. Leveraging
an advanced fiber network spanning 46,300 fiber route miles,
Consolidated Communications is a top-10 fiber provider in the U.S.
offering a wide range of communications solutions, including:
high-speed Internet, data, phone, security, managed services, cloud
services and wholesale, carrier solutions. From our first
connection 125 years ago, Consolidated is dedicated to turning
technology into solutions, connecting people and enriching how they
work and live. Visit www.consolidated.com for more information.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210115005479/en/
Jennifer Spaude, Consolidated Communications 507-386-3765,
jennifer.spaude@consolidated.com
Consolidated Communicati... (NASDAQ:CNSL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Consolidated Communicati... (NASDAQ:CNSL)
Historical Stock Chart
From Apr 2023 to Apr 2024