Qwest arranges $1B in new credit
December 21, 2009
Qwest Communications International Inc. said Monday it has lined up just over $1 billion in new credit.
The new $1.035 billion revolving credit facility expires on Sept. 30, 2013, and replaces an existing credit agreement that was slated to expire on Oct. 21, 2010, Denver-based Qwest said.
Wachovia Bank National Association -- a unit of Wells Fargo Securities LLC -- is acting as administrative agent under the new agreement.
Joseph Euteneuer, Qwest's executive VP and CFO, said the telecom increased the size of its revolving credit facility by 22 percent from the previous facility's initial $850 million.
"Every one of our 13 existing revolving credit facility banks reaffirmed or increased its existing commitment to the new revolving credit facility," Euteneuer said in a statement. "...Given the challenging economy and credit environment, we greatly appreciate the continued support of our banking partners."
Qwest said it has not yet drawn on the new credit agreement, but plans to use it "to provide liquidity for general corporate purposes, including working capital, capital expenditures and debt refinancing."