FairPoint Communications 2009 Annual Report Download - page 104

Table of Contents
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$50 million under the Revolving Credit Facility. Upon the event of default under the Pre-petition Credit Facility relating to the Chapter 11 Cases
described herein, the commitments under the Revolving Credit Facility were automatically terminated. Accordingly, as of December 31, 2009, no funds
remained available under the Revolving Credit Facility.
The Revolving Credit Facility has a swingline subfacility in the amount of $10 million and a letter of credit subfacility in the amount of $30 million,
which allows for issuances of standby letters of credit for the Company's account. The Pre-petition Credit Facility also permits interest rate and currency
exchange swaps and similar arrangements that the Company may enter into with the lenders under the Pre-petition Credit Facility and/or their affiliates.
The Term Loan B Facility and the Delayed Draw Term Loan will mature in March 2015 and the Revolving Credit Facility and the Term Loan A
Facility will mature in March 2014. Each of the Term Loan A Facility, the Term Loan B Facility and the Delayed Draw Term Loan are repayable in
quarterly installments in the manner set forth in the Pre-petition Credit Facility.
Interest rates for borrowings under the Pre-petition Credit Facility are, at the Company's option, for the Revolving Credit Facility and for the Term
Loans at either (a) the Eurodollar rate, as defined in the Pre-petition Credit Facility, plus an applicable margin or (b) the base rate, as defined in the Pre-
petition Credit Facility, plus an applicable margin.
The existing Pre-petition Credit Facility contains customary affirmative covenants and also contains negative covenants and restrictions, including,
among others, with respect to the redemption or repurchase of the Company's other indebtedness, loans and investments, additional indebtedness, liens,
capital expenditures, changes in the nature of the Company's business, mergers, acquisitions, asset sales and transactions with affiliates.
Borrowings under the Pre-petition Credit Facility bear interest at variable interest rates. Interest rates for borrowings under the Pre-petition Credit
Facility are, at the Company's option, for the Revolving Credit Facility and for the Term Loans at either (a) the Eurodollar rate, as defined in the Pre-
petition Credit Facility, plus an applicable margin or (b) the base rate, as defined in the Pre-petition Credit Facility, plus an applicable margin.
The Pre-petition Credit Facility contains customary affirmative covenants and also contains negative covenants and restrictions, including, among
others, with respect to the redemption or repurchase of the Company's other indebtedness, loans and investments, additional indebtedness, liens, capital
expenditures, changes in the nature of the Company's business, mergers, acquisitions, asset sales and transactions with affiliates.
Scheduled amortization payments on the Pre-petition Credit Facility began in 2009. No principal payments are due on the Notes prior to their
maturity. As a result of the Chapter 11 Cases, the Company does not expect to make any additional principal or interest payments on the pre-petition
debt.
For the year ended December 31, 2009, the Company repaid $8.4 million of principal under the Term Loan A Facility and $6.1 million of principal
under the Term Loan B Facility.
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