According to an announcement on Wednesday that slipped past my nets, Integra Telecom is planning a major refinancing. They hope to raise $770M, which will be made up of $210M in term loans, a $60M revolving credit facility, and $500M in senior secured notes. They will use the money to refinance their existing debt, and then for that ever present need of ‘general corporate purposes’.
It was just last summer that Integra restructured its balance sheet, swapping over half its debt for equity, leaving them with $600M on the books. That came at a time when the credit markets were beginning to open, but were not very helpful at all and Integra did what it had to do. But now that money is again available at more reasonable rates, they are obviously finishing the job.
Integra also clearly plan to have a bit left over, which will enable them to be a bit more aggressive than they have been lately. I suspect they have been watching this years parade of expansion plans with some envy. Perhaps soon we will hear about some of their own plans for the rest of 2010.
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