FairPoint to draw on revolver for Germantown Independent Telephone purchase

By Sara Rosenberg

New York, Oct. 16 - FairPoint Communications Inc. plans to use borrowings under its revolving credit facility, along with cash on hand, to fund the acquisition of The Germantown Independent Telephone Co., according to a company news release.

The merger consideration is $10.2 million.

Closing is expected in the fourth quarter.

FairPoint is a Charlotte, N.C., provider of communications services to rural communities. Germantown Independent Telephone is a single exchange rural incumbent local exchange carrier located in the Village of Germantown, Ohio.

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