Telecommunications provider US LEC (Nasdaq: CLEC) has secured a $10 million revolving credit facility from Wachovia Bank, National Association.
“Our successful $150 million refinancing arrangement last year also
included plans for the addition of a customary revolver facility,” said J. Lyle Patrick, chief financial officer of US LEC. “US LEC is pleased to add this facility, which strengthens our liquidity position and allows us more flexibility to continue our growth as the leading competitive carrier in our 16-state footprint.”
The announcement was made Wednesday before US LEC announced its third-quarter earnings. The company said it lost $7.4 million, or 24 cents a share, on revenues of $98.8 million. Revenues were up $11.5 million from a year earlier, and losses were cut nearly in half from $13.4 million.
US LEC: www.uslec.com