Otelco, a wireline telecom service provider in Alabama, Maine, Massachusetts, Missouri, New Hampshire, Vermont and West Virginia, has executed a new credit facilities totaling $105 million in aggregate. The company said funding took place on $100 million of term loans under the new credit facilities.

According to a related 8-K filing, Cerberus Business Finance served as collateral agent and administrative agent for the lenders, and a subordinated loan agreement.

The funding proceeds were used to repay in full all amounts outstanding under the company’s existing bank-syndicated credit facility and to fund transaction-related expenses. According to the filing, the previous facility was provided by a group of lenders led by Antares Capital, as successor to GE Capital, as agent.

The $5 million revolving credit facility provided for in one of the new credit facilities remained undrawn at the time the new term loans were funded.

“The plans we announced last month to utilize new credit facilities to repay our bank-syndicated loan have been executed,” said Rob Souza, president and chief executive Officer of Otelco. “The new facilities support Otelco’s ability to efficiently provide existing and new telecommunications capabilities to our customers while we continue to reduce our leverage.”