ALEXANDRIA, Minn.-Rural Cellular Corp. established a $140 million reducing revolving credit facility with a group of banks headed by T.D. Securities Inc., formerly Toronto-Dominion Bank. The transaction is co-managed by BankBoston N.A. and St. Paul Bank of Cooperatives, RCC’s current debt lender.
Funds will be used to finance construction of personal communications services networks belonging to RCC’s joint venture, Wireless Alliance L.L.C., as well as the pending acquisition of Unity Cellular Systems Inc. and the conversion of RCC’s northern Minnesota cellular operations to digital Time Division Multiple Access technology.
