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Paetec pays down $10 million in debt

Paetec Holding Corp.’s $10 million paydown of its revolving debt—ahead of schedule–signals a more robust year ahead for the Perinton-based telecommunications firm, Chairman and CEO Arunas Chesonis said Thursday.

The company borrowed $50 million from the revolving account at the height of the credit freeze in October 2008. The company said then it planned to use part of the money to repurchase up to $30 million worth of its own stock.

The early payment this week marks the second $10 million reduction in the revolver’s outstanding balance since June 30.

The moves to pay the revolver off early demonstrate “Paetec’s commitment to use operating cash flow to reduce debt and improve our balance sheet,” Chesonis said in a statement.

Paetec stock (Nasdaq: PAET) was trading Thursday morning at $3.90, down 4 cents.
           
<i>(c) 2009 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail [email protected].

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