WorldCom Takes Important Step Toward Securing New Bank Credit Facility
CLINTON, Miss., May 15, 2002 – WorldCom Inc. (NASDAQ: WCOM, MCIT) today announced that, in coordination with its lead banks, it int
ends to draw down its $2.65 billion bank credit facility. The Company is taking this action to preserve its term-out option under t
he facility until June 2003, as it continues positive negotiations with its lenders on a larger, securitized credit facility. World
Com intends to obtain total credit availability of approximately $5 billion, maturing between 2005 and 2006.
“This is an important next step in the process of bolstering our primary bank credit facilities and maintaining the Company’s strong
liquidity position and financial flexibility,” said Scott D. Sullivan, WorldCom executive vice president and chief financial office
r. “We intend to repay these funds once we close on the new credit facility, which is on schedule to be in place in June 2002.”
WorldCom also confirmed that it is on schedule to finalize its new accounts receivable securitization program by May 23, 2002.
WorldCom, Inc. will conduct a conference call on Wednesday, May 15, 2002, at 2:30 p.m. EDT to discuss its refinancing actions. John
Sidgmore, president and CEO; Scott Sullivan, executive vice president and CFO; Ron Beaumont, chief operating officer; and Susan May
er, senior vice president and treasurer, will host the call and be available for questions.
The call will be broadcast on the Internet at http://www.worldcom.com/investor/. Th
ere will be a rebroadcast of the call through June 14, 2002 via the WorldCom website.
ABOUT WORLDCOM, INC.
WorldCom, Inc. (NASDAQ: WCOM, MCIT), operating through WorldCom group and MCI group, is a pre-eminent global communications provider
for the digital generation, operating in more than 65 countries. With one of the most expansive, wholly-owned IP networks in the w
orld, WorldCom provides innovative data and Internet services for businesses to communicate in today's market. For more information
, go to http://www.worldcom.com.
