Citi Launches Retooled Telco Credit

Citigroup's $305 million credit for Alamosa PCS made its return trip to the loan market with a bank meeting last Friday, according to a banker familiar with the deal. Bank of Nova Scotia has signed on as senior managing agent, chipping in $50 million. Another bank is reportedly considering the same tier, but the name of the bank could not be confirmed. Up-front fees and commitment tiers could not be ascertained by press time. Company spokesmen for the telecommunications firm in Lubbock, Texas did not return calls. The credit backs Alamosa's acquisitions of Washington Oregon Wireless and Roberts Wireless Communications (LMW, 1/8).

Toronto-Dominion Bank is co-lead and syndication agent. First Union is documentation agent and Export Development Corporation (EDC) is a fourth underwriter. Administrative agent Citi, syndication agent TD, First Union and EDC have all equally underwritten the loan.