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NTELOS prepares to set free the company’s wireline division as a separate company that will be called Lumos Networks; NTELOS has announced a $370 million post-separation credit facility for Lumos Networks.
The completion of separation is expected later this year; in Nasdaq stock exchange Lumos Networks will be listed as LMOS.
The credit facility includes a $60 million senior secured revolving credit facility for 5 years with $30 million to be drawn upon funding; as well as $110 million senior secured amortizing term loan A for 5 years; a $200 million senior secured amortizing term loan B for 6 years.
Proceeds of the credit facility will become available to Lumos Networks upon the date of separation in order to fund a working capital cash reserve for Lumos Networks’ operations and to cover about $315 million to NTELOS to pay back intercompany debt.
The proceeds will be used for funding a $283 million mandatory repayment on NTELOS's credit facility.
This move marks NTELOS’s intends to separate company’s wireless and wireline departments into two separate businesses.