Alltel anticipates $6.7 billion bridge loans to convert to term loans

By Sara Rosenberg

New York, Aug. 13 - Alltel Communications Inc. currently expects that its $6.7 billion of senior bridge loan debt will be converted into term loans on their one-year anniversary, according to a 10-Q filed with the Securities and Exchange Commission Wednesday.

Of that total bridge loan amount, about $4.985 billion was sold to Verizon Wireless by Citibank, RBS, Goldman Sachs, Battery Holdco and TFP Royal Issue in June.

Verizon Wireless bought the debt in connection with its agreement to acquire Alltel for about $5.9 billion from TPG Capital and GS Capital Partners.

Completion of the acquisition is targeted to happen by the end of the year, subject to regulatory approvals.

The company also said in its 10-Q filing that on April 3 it repaid a $150 million draw made under its delayed-draw term loan and terminated the delayed-draw tranche since it did not obtain any licenses in the 700 MHz spectrum auction.

Alltel is a Little Rock, Ark.-based provider of voice and advanced data services.

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