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Qwest arranges $1B in new credit December 21, 2009 Qwest Communications International Inc. said
Monday it has lined up just over $1 billion in new credit. The new $1.035 billion revolving credit
facility expires on Sept. 30, 2013, and replaces an existing
credit agreement that was slated to expire on Oct. 21, 2010,
Denver-based Qwest said. Wachovia Bank National Association -- a unit
of Wells Fargo Securities LLC -- is acting as administrative
agent under the new agreement. Joseph Euteneuer, Qwest's executive VP and
CFO, said the telecom increased the size of its revolving credit
facility by 22 percent from the previous facility's initial $850
million. "Every one of our 13 existing revolving credit
facility banks reaffirmed or increased its existing commitment
to the new revolving credit facility," Euteneuer said in a
statement. "...Given the challenging economy and credit
environment, we greatly appreciate the continued support of our
banking partners." Qwest said it has not yet drawn on the new
credit agreement, but plans to use it "to provide liquidity for
general corporate purposes, including working capital, capital
expenditures and debt refinancing."
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