Qwest Secures $1B Credit Facility

Qwest Communications International Inc. (Q) shares closed higher on Monday on word the Denver-based carrier has secured a new, $1.035 billion revolving credit facility.

The transaction with Wachovia Bank National Association replaces a previous agreement that was to expire on Oct. 21, 2010. And, for now, Qwest isn’t using the money. If the company does need the funds, it will use them for corporate purposes such as working capital, capex and debt refinancing.

“This support enabled Qwest to increase the size of its revolving credit facility by 22 percent from the previous facility’s initial $850 million,” said Qwest CFO Joseph Euteneuer.

Qwest’s stocks ended 1.42 percent higher at $4.30.

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