EarthLink Seeking Up to $300M Loan
EarthLink, Inc. (NASDAQ: ELNK) ("EarthLink" or the "Company") announced today that it is launching efforts to obtain a new secured credit facility consisting of up to a $300 million term loan and up to a $150 million revolving credit facility (the "New Facility"). The proceeds from borrowings under the New Facility would be used, together with existing cash, to repay the outstanding 10.5% Senior Secured Notes due 2016 of EarthLink's wholly owned subsidiary, ITC^DeltaCom, Inc. ("ITC^DeltaCom"), to replace the Company's existing $150 million revolving credit facility (which has no borrowings outstanding), and to pay related fees and expenses.
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