CT Communications gets master loan agreement, $83.75 million in loan supplements

By Sara Rosenberg

New York, April 21 - CT Communications Inc. closed on a master loan agreement and two supplements - one which provides for a $40 million revolver due March 30, 2011 and one that provides for a $43.75 million term loan due Dec. 13, 2014, according to an 8-K filed with the Securities and Exchange Commission filed Friday.

CoBank is the lead bank on the deal that closed April 18.

The revolver carries a 15 basis point commitment fee.

The term loan has an interest rate that's fixed at 7.32%.

Covenants under the master loan agreement include a total leverage ratio not to exceed 3:1 and an equity to total assets ratio of not less than 0.40:1.

Revolver borrowings are available for working capital, capital expenditures and other general corporate purposes.

Term loan proceeds were used to repay the company's existing term loan.

CT Communications is a Concord, N.C.-based telecommunications provider.

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