US fibre operator Integra Telecom has proposed a package of US$840m to refinance a portion of its debt.
According to Moody’s the net proceeds will be used to refinance Integra’s existing senior secured term loan and US$475m of 10.75% senior secured…
US fibre operator Integra Telecom has proposed a package of US$840m to refinance a portion of its debt.
According to Moody’s the net proceeds will be used to refinance Integra’s existing senior secured term loan and US$475m of 10.75% senior secured notes.
The ratings agency rated Integra’s proposed US$555m senior secured 1st lien term loan due 2019 B2, the US$225m senior secured 2nd lien term loan due 2020 Caa2, and the US$60m senior secured revolver due 2018 B2.
Moody’s expects Integra to maintain good liquidity over the next twelve months with an undrawn US$60m revolver and US$13m of cash on hand as of 30 September 2012.
Portland, Oregon-headquartered Integra primarily offers services to businesses, but it also serves government and allows other telcos to buy wholesale access to its networks.
The privately-held company offers enterprise services in 35 metropolitan markets, with its centre of gravity in the US’ Pacific Northwest.
In Integra’s 2011 annual report it disclosed net revenues of US$599.8m.
It has a 5,000-mile long-haul fiber-optic network, 3,000 miles of metropolitan fiber and a nationwide IP/MPLS network.
