Midcontinent Communications is planning to refinance its existing credit facility worth $675 million, Bloomberg reports. The South Dakota-based telecom company has a $350 million term loan B that was sold with an interest rate of 4.5% more than the London interbank offered rate. The original financing of Midcontinent also included a $200 million, five- year term loan A that currently pays 3.75% more than Libor. The transaction is being led by SunTrust Banks and includes a $125 million revolving credit facility due in December 2015.

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