The Virginia-based telecoms holding company Shenandoah Telecommunications (Shentel) announced on Friday that it has amended the credit agreement for its existing US$185m term loan A facility and revolver.
In a statement, Shentel said that the amendment…
The Virginia-based telecoms holding company Shenandoah Telecommunications (Shentel) announced on Friday that it has amended the credit agreement for its existing US$185m term loan A facility and revolver.
In a statement, Shentel said that the amendment would allow for a repricing of the loan, with a reduction of the interest rate.
This will now be set at LIBOR plus 3%, where previously it was LIBOR plus 3.5%.
Shentel also said that the amendment would remove certain restrictions on its ability to use the US$50m available under its revolver facility. It had previously been restricted to using US$30m of this amount.
ACB, Branch Banking and Trust, CoBank and Wells Fargo were the lead arrangers.
Shentel is the holding company for 12 subsidiaries, which provide voice, internet and cable services.
Its latest annual report showed net income in 2010 at over US$18m, an increase of almost 20% from the previous year.
