Citizens Communications Completes a $6.15 Billion Revolving Credit Facility.

Business Editors

STAMFORD, Conn.--(BUSINESS WIRE)--Oct. 31, 2000

Citizens Communications (NYSE:CZN, CZNPr) has closed a $6.15 billion credit facility in two tranches. Chase Securities Inc. acted as lead arranger and sole book manager on behalf of Chase Manhattan Bank as administrative agent for the syndicated bank tranche. Citibank, N.A., Bank of America, N.A. and Bank One, N.A. acted as co-syndication agents.

The credit facility will be used to support the company's commercial paper program necessary to fund its previously announced acquisition program as well as general corporate activities.

On July 12, 2000, Citizens announced an agreement to acquire approximately 1.1 million access lines in 10 states for $3.65 billion through the purchase of Frontier, the local-exchange carrier operations of Global Crossing Ltd. In addition, in 1999 the company announced agreements to acquire over 900,000 access lines in 11 states from Verizon (formerly GTE) and Qwest (formerly U S West Communications), for approximately $2.8 billion. Acquisitions of GTE operations in Minnesota and Nebraska and U S WEST operations in North Dakota have been completed. Upon completion of the remaining transactions over the next 12 months upon receipt of state regulatory approvals, Citizens will be among the largest wireline telephone operators, with approximately 3 million access lines in 25 states.

The company is in the process of divesting its public services businesses. The proceeds from these divestitures will be applied to permanently reduce part of the revolving credit facility.

About Citizens Communications

Citizens Communications serves more than 1.2 million telephone access lines in 16 states. In 1999 and 2000, Citizens agreed to purchase over 2 million additional access lines in 19 states. Citizens also owns 86 percent of Electric Lightwave, Inc. (NASDAQ:ELIX), a facilities-based, integrated communications provider that offers a broad range of telecommunications services to communications-intensive businesses throughout the United States. For more information about Citizens Communications, visit our website at www.czn.net.

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