Lumos Networks, a provider of data, voice and IP-based telecommunication services in the Mid-Atlantic region, announced it has successfully refinanced its prior senior credit facility with a new $425 million credit facility, consisting of a $100 million senior secured five-year term loan (A), a $275 million senior secured six-year term loan (B) and a $50 million senior secured five-year revolving credit facility.
According to an 8-K filing, CoBank, ACB served as administrative agent and collateral agent, Fifth Third served as syndication agent and Union Bank and Royal Bank of Canada served as documentation agents. CoBank ACB also served as lead arranger and bookrunner.
Term loan A and the revolver are priced at LIBOR plus 3.00% and term loan B is priced at LIBOR plus 3.25%. This new facility replaces Lumos Networks’ existing credit facility dated September 8, 2011. The current weighted, blended interest rate for Lumos Networks is expected to decrease from 3.8% to approximately 3.5%.
Waynesboro, VA-based Lumos Networks is a fiber-based service provider in the Mid-Atlantic region serving carrier, business and residential customers over a dense fiber network offering data, voice and IP services.