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Morgan Stanley Senior Funding is Admin Agent in FairPoint Refinancing

February 15, 2013, 07:31 AM

FairPoint Communications announced today the company has successfully completed the refinancing of its senior secured credit facility. An 8-K filing indicates that Morgan Stanley Senior Funding served as administrative agent and joint lead arranger for the refinancing. Credit Suisse Securities and Jeffries Finance also served as joint lead arrangers.

In connection with the refinancing, FairPoint issued $300 million aggregate principal amount of 8.75% senior secured notes due 2019 and entered into a new senior secured credit facility. The new senior secured credit facility includes a $640 million term loan maturing in 2019 and a $75 million revolving credit facility maturing in 2018. The proceeds of the refinancing, together with cash on hand, were used to repay the $947 million outstanding under the former term loan, plus accrued interest thereon as of the closing date, and to pay associated fees and expenses.

FairPoint Communications is a communications provider of broadband Internet access, local and long-distance phone, television and other high-capacity data services to customers in communities across 17 states.

View the 8-K filed with the Securities and Exhange Commission on February 14, 2013.

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