Fairpoint Deal

Updated 7 years ago

The company’s deal was approved Sunday night, though Fairpoint received a scolding from regulators in Vermont and New Hampshire.

Vermont’s Public Service Board and New Hampshire’s Public Utilities Commission met on Sunday.

They had questions about whether Fairpoint’s growing costs of borrowing warranted scuttling the company’s deal to buy Verizon’s landlines in northern New England.

Fairpoint had told regulators it expected to pay an interest rate of 8.5 percent on bonds to support the deal, but the actual cost is 13.5 percent.

That’s expected to add about 17 million dollars to the annual cost of the deal.

The regulators claim that Fairpoint should’ve told them sooner.

In the end, both states agreed to let the deal go forward.

Maine gave its final approval on Friday, March 28th.


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