FairPoint Communications, Inc. Makes $25 Million Voluntary Prepayment of Debt
CHARLOTTE, N.C., Sept. 4, 2012 /PRNewswire/ -- FairPoint Communications, Inc. (NasdaqCM: FRP) today announced it has made a voluntary prepayment of debt of $25 million on its term loan.
With this repayment, FairPoint's term loan is down from $995 million as of June 30th, 2012 to $970 million as of August 31st, 2012. FairPoint made the $25 million prepayment out of cash on hand.
"This is a significant milestone. Our continued focus on free cash flow generation gave us the confidence to make this voluntary prepayment," said Ajay Sabherwal, executive vice president and chief financial officer. "We believe reducing debt benefits all our stakeholders and is a key objective for us."
About FairPoint Communications, Inc.
FairPoint Communications, Inc. (NasdaqCM: FRP) is a leading communications provider of broadband Internet access, local and long-distance phone, television and other high-capacity data services to customers in communities across 18 states. Through its fast, reliable fiber network, FairPoint delivers high-quality data and voice networking communications solutions to residential, business and wholesale customers. FairPoint delivers VantagePoint(SM) services through its resilient IP-based network in northern New England. This state-of-the-art fiber network provides carrier Ethernet connections to support the surging bandwidth and performance requirements for cloud-based applications like network storage, disaster recovery, distance learning, medical imaging, video conferencing and CAD/CAM along with traditional voice, VoIP, video and Internet access solutions. Additional information about FairPoint products and services is available at www.FairPoint.com.
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SOURCE FairPoint Communications, Inc.