ONEONTA, Ala., April 11 (UPI) -- Alabama's Otelco Inc., a sole wireline phone service provider, will pay $37.8 million in cash to buy Mid-Maine Communications Inc.
Mid-Maine, located in Bangor, Maine, offers voice, data and Internet services through both a regulated and non-regulated subsidiary, Otelco said Tuesday.
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Otelco, which operates in Alabama and Missouri, will refinance its existing senior secured credit facility and increase its size to $135 million. It also expects the interest rate terms of the credit facility will be lowered.
GE's Global Media & Communications group will act as lead arranger for the financing.