FairPoint amends loan, changing agent, allowing for notes repurchase

By Sara Rosenberg

New York, Jan. 22 - FairPoint Communications Inc. amended its credit facility, replacing Lehman as the administrative agent with Bank of America and permitting the repurchase of its 13 1/8% senior notes due 2018, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

In addition, the amendment terminates Lehman's about $30 million unfunded commitment under the revolver.

Also, Lehman's existing pro rata share of the drawn revolver loans was changed into a new loan aggregating about $30 million, which will be due in a single payment on the maturity date of the revolver.

The amendment was completed on Jan. 21.

FairPoint is a Charlotte, N.C.-based provider of communications services.

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