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Centennial Communications refinances credit facilities, notes

WALL, N.J.-Centennial Communications Corp. completed previously announced refinancing transactions consisting of a new $750 million senior secured credit facility and a private placement of $325 million of 8.125 percent senior notes due 2004.

Centennial said it would use term loan borrowing under the new senior secured credit facility together with proceeds from the note offering to refinance and replace its existing senior secured credit facilities; repurchase all of its outstanding unsecured subordinated notes due 2009; repurchase and/or redeem $70 million aggregate principal amount of its outstanding $370 million 10.75 percent senior subordinated notes due 2008; and pay related fees and expenses.

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