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Qwest Communications gets $1.035 billion revolving credit facility
By Sara Rosenberg
New York, Dec. 21 - Qwest Communications International Inc. closed on a new $1.035 billion revolving credit facility due Sept. 30, 2013, according to an 8-K filed with the Securities and Exchange Commission on Monday.
Wells Fargo and JPMorgan acted as the joint lead arrangers and bookrunners on the deal that was completed on Dec. 18, with Bank of America, Deutsche Bank, Citigroup, Barclays Capital and Morgan Stanley also bookrunners. Wachovia is the administrative agent on the deal.
Pricing on the revolver can range from Libor plus 275 basis points to 375 bps and the commitment fee can range from 37.5 bps to 62.5 bps, based on ratings
Proceeds were used to refinance the company's existing revolver that was scheduled to expire on Oct. 21, 2010 and are also available to provide liquidity for general corporate purposes, including working capital, capital expenditures and debt refinancing.
At close, the revolver was undrawn.
"Every one of our 13 existing revolving credit facility banks reaffirmed or increased its existing commitment to the new revolving credit facility," said Joseph J. Euteneuer, executive vice president and chief financial officer, in a company news release.
"This support enabled Qwest to increase the size of its revolving credit facility by 22% from the previous facility's initial $850 million."
Qwest is a Denver-based provider of data, internet, video and voice services.
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