Integra's Corporate Credit Rating Upgraded
December 11, 2013 - Portland, OR
PORTLAND, OR--(Marketwired - December 11, 2013) - Integra™, a provider of fiber-based, carrier-grade networking, communications and technology solutions, announced today that its Standard & Poor's Rating Services (S&P) corporate credit rating has been upgraded from B to B+. On December 9, in conjunction with its rating upgrade of Integra, S&P also raised all issue-level ratings on the company's debt by one notch and gave the company a stable outlook.
"We base our upgrade primarily on a reassessment of the importance of volatility of earnings in Integra's business risk profile," said S&P in a Research Update statement. "Importantly, the company's operating profitability (measured by EBITDA margin) is less volatile than many of its CLEC peers, as a result of its dense network of owned fiber assets and stabilized monthly churn figures…"
In 2013, Integra has substantially enhanced its financial flexibility to enable the continued execution of its strategic plan, in the process lowering its cash interest expense by over $20 million per year. In February, Integra closed $845 million of new senior secured credit facilities and subsequently re-priced its $60 million revolving credit facility (currently undrawn) and its $585 million first lien term loan due 2019, and raised an additional $20 million add-on to its original $200 million second lien term loan due 2020.
S&P website subscribers may access the S&P press release and full report by logging in here.
Integra™ is one of the largest facilities-based providers of communication and networking services in the western United States. We connect businesses of all sizes with advanced networking, communications and technology solutions in 35 metropolitan markets. Integra owns and operates an enterprise-class network consisting of a 5,000 mile long-haul fiber-optic network, 3,000 miles of metropolitan fiber and a nationwide IP/MPLS network. Our fiber network connects directly to more than 2,300 enterprise buildings and data centers. Through our expansive Ethernet-over-copper footprint, we can deliver high-bandwidth services to more than 400,000 businesses. At Integra, we understand our customers need reliable, secure and flexible solutions delivered with unmatched expertise and quality of service. For more information, visit www.integratelecom.com.