North State, a leading fiber optic network, cloud and IT services provider, announced today the completion of a new credit facility. Bank of America Merrill Lynch leads the facility syndicate that includes CoBank, Fifth Third Bank, High Point Bank and TD Bank. Highlights of the credit facility are:
• Capacity to $75 million with both revolving and term loan components;
• Refinances existing debt with broad discretion to use remaining capacity for general corporate purposes including capital expenditures, distributions, stock buybacks and acquisitions;
• A maturity date to July 2021.
North State CEO Royster Tucker III commented, “We are pleased to have completed a financing arrangement that recognizes our strong financial position and provides the necessary flexibility to opportunistically pursue our strategy. We have partnered with a prominent set of lenders that understand the IT space and our vision for North State within it, which centers on opportunities emerging from the digitization of homes and businesses.”
North State intends to use the new credit facility to further its transition into an Internet and IT services company for businesses while continuing to offer a strong, fiber-focused consumer product line.
About North State
North State is a technology company focused on inspiring the Internet-driven lifestyle through high touch experiences. Its fiber-delivered, ultrafast Internet and Internet-driven applications enable residential customers and businesses to efficiently and securely take advantage of the Internet. Through its wholly owned subsidiaries, Data Chambers and Stalwart Systems, North State provides best-in-class data center colocation, customized cloud and IT solutions, managed disaster recovery services, managed security and unified communications. For more information, visit northstate.net.
Harriet Fried, SVP