New Financing Would Refinance Existing Debt
Portland, Ore. – April 07, 2010 – Integra Telecom Holdings, Inc., a wholly owned subsidiary of Integra Telecom, Inc., announced today that it plans to raise $770 million of first-lien debt by offering a combination of (i) $210 million of term loans and $60 million of commitments in respect of a revolving credit facility which is expected to be undrawn at closing and (ii) a private placement of $500 million of senior secured notes.
The net proceeds from the senior secured notes and the term loans would be used primarily to refinance existing debt. Any remaining net proceeds of the financing transactions are expected to be used for general corporate purposes. Both the notes and the term loan and revolving credit facilities would be senior secured obligations of Integra Telecom Holdings, Inc.
The notes and the guarantees of the notes will not be registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. The notes will be offered only to "qualified institutional buyers" in accordance with Rule 144A under the Securities Act and to non-"U.S. persons" in accordance with Regulation S under the Securities Act.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward Looking Statements
This press release contains statements regarding beliefs and expectations of the outcome of future events that are forward-looking statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Integra Telecom Holdings, Inc. takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
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