FairPoint to launch $725 million credit facility on Thursday

By Sara Rosenberg

New York, Jan. 30 - FairPoint Communications Inc. is scheduled to hold a bank meeting at 9 a.m. ET on Thursday in New York to launch a $725 million senior secured credit facility, according to sources.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC and Jefferies & Co. are leading the deal.

The facility consists of a $75 million revolver and a $650 million term loan B, sources said.

Proceeds will be used to refinance existing bank debt, including a roughly $955 million term loan.

Other funds for the refinancing will come from $300 million of senior secured notes and cash on hand.

FairPoint is a Charlotte, N.C.-based communications provider of broadband internet access, local and long-distance phone, television and other high-capacity data services.

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