WALL, N.J.-Regional wireless provider Centennial Communications Corp. said it has amended its senior secured credit facility, lowering the interest rate on term loan borrowing by 50 basis points through the reduction in the LIBOR spread from 2.75 percent to 2.25 percent. Centennial noted the amendment also provides the company with additional flexibility under certain covenants of the credit facility.
Centennial added that it had $595.5 million of term loan borrowing outstanding under its senior credit facility as of Nov. 30. “This amendment is another significant milestone in the steps we have taken to improve our financial flexibility and strength,” said Michael Small, chief executive officer of Centennial.
Centennial announced late last month that it had completed the redemption of $115 million of 10.75-percent senior subordinated notes.
