North State Communications completed a new $75 million credit facility. Bank of America Merrill Lynch led the lending syndicate that included CoBank, Fifth Third Bank, High Point Bank and TD Bank.

The facility, which will mature in July 2012, has a capacity to $75 million with both revolving and term loan components, refinances existing debt with broad discretion to use remaining capacity for general corporate purposes including capital expenditures, distributions, stock buybacks and acquisitions.

North State CEO Royster Tucker III said, “We are pleased to have completed a financing arrangement that recognizes our strong financial position and provides the necessary flexibility to opportunistically pursue our strategy. We have partnered with a prominent set of lenders that understand the IT space and our vision for North State within it, which centers on opportunities emerging from the digitization of homes and businesses.”

High Point, NC-based North State intends to use the new credit facility to further its transition into an internet and IT services company for businesses while continuing to offer a strong, fiber-focused consumer product line.