King & Spalding partners Carolyn Alford in Atlanta and Angela Batterson in New York advised GE Capital Corp. on its role in restructuring a financing agreement for a company that offers telephone, cable TV and Internet service in rural areas.
Otelco Inc. increased the amount of its senior credit facility to $188.5 million to allow it to acquire certain subsidiaries of Country Road Communications LLC, allowing Otelco to expand in three states. GE Capital served as the agent, lead arranger and sole bookrunner on the restructuring of the credit facility.
After the Country Road acquisition closes, Oneonta, Ala.-based Otelco will offer its services in Alabama, Maine, Massachusetts, Missouri and West Virginia.
GE Capital Markets Inc. and CoBank of Denver were lead arrangers for the financing. Raymond James Bank, CIBC Inc., Union Bank of California and Webster Bank of Hartford, Conn. were the other lenders.
King & Spalding associates Oliver Drose and Mia Hahn also worked on the transaction. Dorsey & Whitney advised Otelco. Emmet, Marvin & Martin advised Webster Bank.