Dex Media Holdings, a national provider of business and marketing solutions for local businesses, signed an agreement with Wells Fargo Bank and PNC Bank for a revolving line of credit of up to $150 million.

The company retired $181 million of term debt on December 30, 2016, from the proceeds of this transaction and existing cash.

Key Highlights of the transaction:

• $150 million accounts receivable secured revolving facility
• Interest rate of LIBOR + 4.00%
• Initial draw of $100 million

“This new revolving line of credit facility with our partners Wells Fargo and PNC significantly reduces our annual interest expense, while providing greater flexibility in our day-to-day cash management,” said Paul Rouse, Dex Media executive vice president, CFO and treasurer.