West Corporation, a provider of technology-driven communication services, announced it has closed its previously announced $970 million term loan under its senior secured credit facilities.

The new term loan will be due in 2018 and the proceeds will be used to refinance approximately $448 million of term loans due in October 2013, pay a cash dividend in the amount of approximately $500 million to West’s stockholders, and pay related fees and expenses.

A spokesperson for the company said that Wells Fargo was the administrative agent for the lender group. The person also noted that Deutsche Bank, Goldman Sachs, Morgan Stanley, Wells Fargo, Bank of America Merrill Lynch and Barclays served as joint lead arrangers and joint bookrunners for the deal. Deutsche Bank and Bank of America Merrill Lynch served as syndication agents.

“This transaction will improve the company’s capital structure, with no significant principal payments due until 2016,” said Paul Mendlik, chief financial officer.

With the new term loan, West said it also received lender consent to amend its credit agreement. The amendment modifies the step-down schedule in the current financial covenants and modifies certain covenant baskets.