TelePacific Communications, a CLEC serving SMBs in California and Nevada, completed syndication of a $395 million senior credit facility to a group of institutional investors.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Banc of America Securities LLC, acted as Joint Bookrunners and Joint Lead Arrangers, and Credit Suisse AG, as Administrative Agent and Collateral Agent. The facility is comprised of a $370 million term loan due in August 2015 and a $25 million revolving line of credit.
TelePacific noted that its 2009 annual revenues grew to approximately $452.2 million for the year, compared with $443.9 million for the year ending December 31, 2008. Access lines in service grew in excess of 8% to achieve approximately 1.1 million lines in service by the end of 2009. Average monthly customer line churn was less than 1.3%; and the company achieved a customer satisfaction rating of 94%.
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