Paetec gets $125 million amended credit facility

By Sara Rosenberg

New York, March 1 - Paetec Corp. closed on a $125 million amended senior secured credit facility due January 2010, according to a company news release.

CIT Capital Securities LLC and Deutsche Bank Securities Inc. acted as the lead banks on the deal. Lenders include Union Bank of California, Manufacturers and Traders Trust Co. and CIBC, Inc.

According to the company, the amended facility, which was oversubscribed, allows for greater flexibility in future investments.

"The extended term on this facility to January 2010 allows Paetec to use our strong free cash flow to re-invest in numerous growth initiatives that will continue to complement our already strong product offerings," said Keith Wilson, chief financial officer, in the release.

Paetec is a Fairport, N.Y.-based provider of integrated communications services.

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