INTEGRA TELECOM RESTRUCTURES DEBT
Leading Business Telecom Provider Reduces Overall Debt by More than Half; New Shareholder Commitments Strengthen Balance Sheet
PORTLAND, Ore. – July 22, 2009 – Integra Telecom Inc., a facilities-based, integrated communications provider for business, reached an agreement with requisite majorities in its three primary lender groups to effect a full restructuring of the company’s balance sheet. According to the agreement, all of Integra’s senior secured second lien operating company debt and unsecured parent company debt will be converted into common equity. As a result, the company’s overall debt will be reduced from almost $1.3 billion to approximately $600 million. This new debt level translates to 2.7 times Integra’s 2008 operating EBITDA (earnings before interest, taxes, depreciation and amortization) of $225 million. Additionally, Integra will welcome Goldman, Sachs & Co., Tennenbaum Capital Partners, and funds managed by Farallon Capital Management LLC as major new shareholders. These shareholders join Warburg Pincus alongside other Integra investors. more
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