In a press release, Qwest Communications International Inc announced it has entered a new $1 Billion revolving credit facility with Wachovia Banks.
The new credit agreement is currently undrawn, but once drawn will extend through September 2013. The service provider is currently not using the money, if used it will be for corporate purposes including working capital, capital expenditures and debt refinancing.
“Every one of our 13 existing revolving credit facility banks reaffirmed or increased its existing commitment to the new revolving credit facility, ” said Joseph J. Euteneuer, executive vice president and chief financial officer for Qwest. “This support enabled Qwest to increase the size of its revolving credit facility by 22 percent from the previous facility’s initial $850 million. Given the challenging economy and credit environment, we greatly appreciate the continued support of our banking partners.”