SOURCE: Centennial Communications Corp.

February 06, 2007 08:30 ET

Centennial Communications Amends Credit Agreement to Lower Borrowing Costs

WALL, NJ -- (MARKET WIRE) -- February 6, 2007 -- Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial") today announced that it has amended its senior secured credit facility, lowering the interest rate on term loan borrowings by 25 basis points through a reduction in the LIBOR spread from 2.25 percent to 2.00 percent. As of November 30, 2006, Centennial had $550.0 million of term loan borrowings outstanding under its senior secured credit facility.

"This amendment is an important milestone as we renew our commitment to deleveraging and improve our financial flexibility and strength," said Michael J. Small, Centennial's Chief Executive Officer.

ABOUT CENTENNIAL

Centennial Communications (NASDAQ: CYCL), based in Wall, NJ, is a leading provider of regional wireless and integrated communications services in the United States and Puerto Rico with approximately 1.1 million wireless subscribers and 387,500 access lines and equivalents. The U.S. business owns and operates wireless networks in the Midwest and Southeast covering parts of six states. Centennial's Puerto Rico business owns and operates wireless networks in Puerto Rico and the U.S. Virgin Islands and provides facilities-based integrated voice, data and Internet solutions. Welsh, Carson, Anderson & Stowe and an affiliate of the Blackstone Group are controlling shareholders of Centennial. For more information regarding Centennial, please visit our websites http://www.centennialwireless.com/, http://www.centennialpr.com/ and http://www.centennialrd.com/.

Contact Information

  • For investor and media inquiries please contact:
    Steve E. Kunszabo
    Executive Director, Investor Relations
    732-556-2220