EarthLink Holdings, a network services provider, refinanced its $135 million revolving credit facility which otherwise would have matured in May 2017.
The new amended and restated credit facility provides for a $125 million revolving credit facility and a $50 million delayed draw term loan.
According to a related 8-K filing, Regions Bank severed as administrative and collateral agent for the lender group. Fifth Third served as syndication agent. Regions Capital Markets and Fifth Third served as joint lead arrangers.
EarthLink’s current borrowing cost under the amended and restated credit facility is LIBOR+3.25%. The amended and restated credit facility matures on June 30, 2021, except that if EarthLink’s existing 7-3/8% senior secured notes due 2020 have not been repaid in full by February 29, 2020, the maturity date will be February 29, 2020. The term loan will be subject to quarterly amortization of principal.