KIRKLAND, Wash.-Nextel Partners Inc. reported that its Nextel Partners Operating Corp. subsidiary refinanced its $475 million senior secured credit facility in an attempt to reduce interest rates and extend maturity dates.
The new facility, which consists of a $100 million revolving credit facility maturing in November 2009 and a $375 million term loan maturing in November 2010, will be guaranteed by Nextel Partners and its subsidiaries and will be secured by a pledge of all of the assets of Nextel Partners’ subsidiaries.
Nextel Partners noted that borrowing under the new credit facility will be used to repay borrowings under its previous $475 million senior secured credit facility and for general corporate purposes. The company added the new term loan also extends the weighted average maturity of the refinanced term loans by approximately two and a half years and the new revolving credit facility extends the maturity of the refinanced revolving credit facility by nearly three years.
