June 20, 2017 / 9:16 PM / a month ago

BRIEF-Centurylink says Centurylink Escrow LLC entered into a credit agreement

2 Min Read

June 20 (Reuters) - Centurylink Inc

* Centurylink says on June 19, Centurylink Escrow LLC entered into a credit agreement in connection with pending acquisition of level 3 communications

* New term loan facilities consist of $1.575 billion term loan a tranche, a $0.370 billion term loan A-1 tranche and a $6.0 billion term loan B tranche - SEC filing​

* Intends to use proceeds to finance cash portion of consideration payable in connection with acquisition​

* New revolving credit facility and borrowings under term loan A and A-1 facilities will mature five years after closing of acquisition​

* Borrowings under term loan B facility will mature on January 31, 2025​

* Agreement providing for $9.945 billion in senior secured credit facilities, consisting of a $2.0 billion revolving credit facility

* Agreement providing for $9.945 billion in senior secured credit facilities, also consisting of $7.945 billion of new term loan facilities

* New revolving credit facility is designed to replace company's current revolving credit facility

* A portion of new revolving credit facility in an amount not to exceed $100 million will be available for swingline loans

* A portion of new revolving credit facility in an amount not to exceed $400 million will be available for issuance of letters of credit Source text for Eikon: (bit.ly/2tqbCQS) Further company coverage:

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