Tuesday, September 23, 2008

SureWest Refinances $30 Million Term Loan

SureWest Communications has refinanced a short-term $30 million loan that extends the maturity date from February 2009 to May 2012. The facility consists of $15 million each from CoBank, ACB (CoBank) and Union Bank of California (UBOC).

In connection with the February 2008 acquisition of Everest Broadband, Inc. in the Kansas City region, SureWest entered into a $60 million term loan with CoBank; $30 million of which was repaid with a portion of the proceeds from the divestiture of the company's Wireless assets in May 2008. The extension of the remaining $30 million term loan facility to 2012 places it in line with the maturity dates of the company's other revolving and term loan credit facilities under this Amended Credit Agreement.http://www.surewest.com

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