KIRKLAND, Wash.-Nextel Partners Inc., via its wholly owned subsidiary Nextel Partners Operating Corp., said it expects to save $14 million in annual interest expenses due to a new $550 million tranche D term loan it is using to replace an existing $700 million tranche C term loan.
The company said it will use funds from the new loan, along with its current funds, to repay the existing tranche C term loan. The tranche D term loan, which carries a lower interest rate, matures in 2012.
Standard & Poor’s Investors Service and Moody’s Investors Service recently upgraded the company’s credit ratings as a result of the refinancing.
