CFC Secured Lender to NTELOS Inc.Business Editors HERNDON, Va.--(BUSINESS WIRE)--March 4, 2003 National Rural Utilities Cooperative Finance Corporation ("CFC CFC See: Controlled foreign corporation ") announced today that one of its borrowers, NTELOS Inc. ("NTELOS"), has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division. CFC has a total of $84 million in senior secured loans outstanding to NTELOS as part of a syndicated bank financing that closed in July 2000. NTELOS has approximately $660 million in total debt outstanding to its creditors including approximately $286 million of secured debt. NTELOS' filing is not material to the current operations or financial condition of CFC. NTELOS is a diversified telecommunications service provider A Telecommunications Service Provider or TSP is a type of Communications Service Provider that has traditionally provided telephone and similar services. This category includes ILECs, CLECs, and mobile wireless companies. to customers in Virginia, West Virginia, Kentucky, Tennessee and North Carolina. NTELOS (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NTLO NTLO Non-Total Loss Only ) is headquartered in Waynesboro, Virginia. CFC is a private, not-for-profit finance cooperative that serves the nation's more than 1,000 electric cooperatives and over 500 rural telecommunications companies. Rural telecommunications lending is done through CFC's controlled affiliate, Rural Telephone Finance Cooperative ("RTFC RTFC Rural Telephone Finance Cooperative RTFC Real Time Fiber Communications RTFC Read The Flipping Code (polite form) RTFC Read The Film Credits RTFC Read the Freaking Card (polite form; Magic, the Gathering) "). With more than $20 billion in assets, CFC provides its member-owners with an assured source of low-cost capital and state-of-the-art financial products and services. |
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