CoBank Closes LICT Revolver
LICT announced that its wholly owned subsidiary, Brighton Communications, obtained a $30 million revolving credit facility from CoBank. The facility matures on December 30, 2017 and replaces LICT’s current $25 million facility. The new credit facility will allow for an expanded share repurchase program and other potential shareholder and operational initiatives.
Robert E. Dolan, LICT’s Executive vice president and chief financial officer said, “We are pleased to have reached agreement with CoBank for this new facility and to continue our long association with them. The facility provides us with increased financial flexibility and adequate liquidity for our current corporate purposes. As always, we continue to reevaluate our overall financial structure with an eye toward optimal fit within our strategic direction.”
LICT is a holding company with subsidiaries in telecommunications and multimedia, and actively seeks acquisitions, principally in its existing business areas.