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SOURCE NTELOS Holdings Corp.
-Upsized from $148 Million to $188 Million
-Maturity Extended from April 2015 to November 2019
WAYNESBORO, Va., Feb. 3, 2014 /PRNewswire/ -- NTELOS Holdings Corp. (the "Company," NASDAQ: NTLS), a leading regional provider of nationwide wireless voice and data communications and home to the "best value in wireless," announced today that it completed the refinancing of its existing Term A Loans. The transaction converted the outstanding principal amount of the Company's Term A Loans (approximately $148.3 million) into Term B Loans and raised an additional $40.0 million of Term B Loans to be used for general corporate purposes. The new Term B Loans bear the same interest rate, terms and CUSIP as the Company's existing Term B Loans, which closed on November 9, 2012.
Favorable market conditions and strong demand enabled nTelos to refinance its debt and to upsize the offering. With the refinancing, the Company extended the maturity of its aggregate $533.8 million in debt to November 9, 2019, further increasing its financial flexibility.
NTELOS Holdings Corp. (NASDAQ: NTLS), operating through its subsidiaries as "nTelos Wireless," is headquartered in Waynesboro, VA, and provides high-speed, dependable nationwide voice and data coverage for over 464,600 retail subscribers based in Virginia, West Virginia and portions of Maryland, North Carolina, Pennsylvania, Ohio and Kentucky. The Company's licensed territories have a total population of approximately 8.1 million residents, of which its wireless network covers approximately 6.0 million residents. The Company is also the exclusive wholesale provider of network services to Sprint Nextel in the western Virginia and West Virginia portions of its territories for all Sprint CDMA wireless customers.
Any statements contained in this press release or in the materials referenced herein that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words "anticipates," "believes," "expects," "intends," "plans," "estimates," "targets," "projects," "should," "may," "will" and similar words and expressions are intended to identify forward-looking statements. Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise. There are important factors with respect to any such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements. We advise the reader to review in detail the cautionary statements and risk factors included in our SEC filings, including our most recent Annual Report filed on Form 10-K and Quarterly Reports filed on Form 10-Q.
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