Glentel to pay down senior secured credit facilities via notes offering

By Tali Rackner

Norfolk, Va., Aug. 27 – Glentel Inc. plans to use the proceeds from a senior notes offering to repay borrowings under its senior secured credit facilities, according to a press release.

Proceeds will also be used for general corporate purposes.

In addition, effective upon the closing of the notes, the company will amend its senior secured credit facilities to allow the offering of the notes and reduce the total available committed amount of the facilities to C$50 million from C$129.3 million. These amendments are conditional upon the closing of the notes.

Based in Burnaby, B.C., Glentel provides voice and data wireless radio equipment and maintenance.

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