Broadwing Closes $200 Million Extension to Existing Credit Facility.Business Editors & High Tech Writers CINCINNATI--(BUSINESS WIRE)--June 28, 2001 Broadwing Inc. (NYSE NYSE See: New York Stock Exchange :BRW BRW Business Review Weekly (business magazine; Melbourne, Victoria, Australia) BRW Business Report Writer BRW Barrow, AK, USA - Barrow (Airport Code) BRW Business Requirement Worksheet ) today announced the successful closing of a $200M extension to its existing credit facility. "I'm pleased that Broadwing's reputation allowed us to raise this amount of money at attractive rates, even in these tight capital markets," said Kevin Mooney, EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition and Chief Financial Officer. "This funding will be used to reduce outstanding borrowings under our existing revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility." This add-on facility was provided for in the original credit facility terms and is structured as a 6-year term loan, priced at 275 basis points over the London Interbank Offering Rate (LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). ), resulting in a current interest rate of approximately 6.5 percent, and increases the total size of Broadwing's senior secured credit facility from $2.1 billion to $2.3 billion. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. acted as the sole book running manager and lead arranger Lead arranger The senior tier of arranger on the transaction, in which 25 other institutions participated. About Broadwing Broadwing Inc. (NYSE:BRW) is parent to two of the industry's leading communications companies, Broadwing Communications and Cincinnati Bell. Broadwing Communications leads the industry as the world's first intelligent, all-optical, switched network provider and offers businesses nationwide a competitive advantage by providing data, voice and Internet solutions that are flexible, reliable and innovative on its 18,500-mile optical network and its award-winning IP backbone. Cincinnati Bell is one of the nation's most respected and best performing local exchange and wireless providers with a legacy of unparalleled customer service excellence and financial strength. Cincinnati Bell provides a wide range of telecommunications products and services to residential and business customers in Ohio, Kentucky and Indiana. Broadwing Inc. is headquartered in Cincinnati, Ohio and has 6,400 employees in 56 sales and service offices across the country. For more information, visit www.broadwing.com. Note: Information included in this news release contains forward-looking statements that involve potential risks and uncertainties. Broadwing's future results could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, Broadwing's ability to maintain its market position in communications services, and it's ability to develop and launch new products and services. More information on potential risks and uncertainties is available in the company's recent filings with the Securities and Exchange Commission, including 2000's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for Broadwing Inc. and Broadwing Communications Inc. |
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