WAYNESBORO, Va., Feb. 3, 2014 /PRNewswire/ -- NTELOS Holdings Corp. (the "Company," NASDAQ: NTLS), a leading regional provider of nationwide wireless voice and data communications and home to the "best value in wireless," announced today that it completed the refinancing of its existing Term A Loans. The transaction converted the outstanding principal amount of the Company's Term A Loans (approximately $148.3 million) into Term B Loans and raised an additional $40.0 million of Term B Loans to be used for general corporate purposes. The new Term B Loans bear the same interest rate, terms and CUSIP as the Company's existing Term B Loans, which closed on November 9, 2012.
Favorable market conditions and strong demand enabled nTelos to refinance its debt and to upsize the offering. With the refinancing, the Company extended the maturity of its aggregate $533.8 million in debt to November 9, 2019, further increasing its financial flexibility.
NTELOS Holdings Corp. (NASDAQ:NTLS, news, filings), operating through its subsidiaries as "nTelos Wireless," is headquartered in Waynesboro, VA, and provides high-speed, dependable nationwide voice and data coverage for over 464,600 retail subscribers based in Virginia, West Virginia and portions of Maryland, North Carolina, Pennsylvania, Ohio and Kentucky. The Company's licensed territories have a total population of approximately 8.1 million residents, of which its wireless network covers approximately 6.0 million residents. The Company is also the exclusive wholesale provider of network services to Sprint Nextel in the western Virginia and West Virginia portions of its territories for all Sprint CDMA wireless customers.
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SOURCE NTELOS Holdings Corp.