ITC^DeltaCom pulls bond deal that would have funded bank debt repayment

By Sara Rosenberg

New York, March 23 - ITC^DeltaCom pulled its previously announced senior notes offering that was going to be used to repay approximately $281 million of existing senior and junior secured credit facilities debt, and other indebtedness.

"We initiated this transaction for the purpose of opportunistically refinancing our indebtedness with a combination of floating-rate and fixed-rate senior notes," said Doug Shumate, chief financial officer, in a company news release. "However, generally weaker market conditions and a stronger preference among investors for fixed-rate notes made the refinancing unattractive at this time."

ITC^DeltaCom is a West Point, Ga. provider of integrated telecommunications and technology services.

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