Mediacom Broadband LLC completed a $250 million term loan, with a
final maturity of June 30, 2017, and a $300 million term loan, with a
final maturity of June 30, 2021, pursuant to the bank credit agreement
between the operating subsidiaries of Mediacom Broadband LLC and the
lenders thereto. Net proceeds were used to fully repay an existing
term loan which was scheduled to mature on January 31, 2015.
Mediacom LLC received commitments for a new $350 million delayed-draw
term loan, with a final maturity of June 30, 2021. Subject to
customary closing conditions, Mediacom LLC intends to complete and
fund this term loan in the third quarter of 2014 to fully redeem its
9?% senior notes due 2019, which have an aggregate principal amount of
$350 million. This term loan will be made pursuant to the bank credit
agreement between the operating subsidiaries of Mediacom LLC and the
MEDIACOM PARK, N.Y.--(BUSINESS WIRE)--
Mediacom Communications Corporation (“MCCC”) announced today that it
raised $900 million of term loan commitments from various lenders for
its wholly-owned subsidiaries, Mediacom Broadband LLC and Mediacom LLC.
These financings are the latest in a series of transactions arranged
this year by MCCC, totaling nearly $1.6 billion, to extend debt
maturities, redeem high coupon senior notes and establish a new
revolving credit facility.
The details of these new term loans are as follows:
“These transactions largely complete the refinancing of significant term
loans which were due to mature in January 2015, as well as fund the
expected redemption of high coupon senior notes,” stated Mark E.
Stephan, MCCC’s Executive Vice President and Chief Financial Officer.
“Together with the credit transactions we completed earlier this year,
this latest round of financings meaningfully extends our debt
maturities, gives greater strength to our balance sheet and places us in
the best financial condition in our history.”
About Mediacom Communications
Mediacom Communications is the nation’s eighth largest cable television
company and one of the leading cable operators focused on serving the
smaller cities in the United States, with a significant customer
concentration in the Midwestern and Southeastern regions. Mediacom
Communications offers a broad array of information, communications and
entertainment services and provides innovative broadband solutions
through its Mediacom Business division. Mediacom Communications also
sells advertising and production services through its OnMedia division.
More information about Mediacom Communications is available at www.mediacomcc.com.
This press release contains forward-looking statements that involve
risks and uncertainties. Factors that could cause actual results to
differ materially from those expressed or implied by the forward-looking
statements in this press release and the other risks and uncertainties
are discussed in the Annual Report on Form 10-K for the year ended
December 31, 2013, for each of Mediacom Broadband LLC and Mediacom LLC.
P. Griffin, 845-443-2654
Director, Corporate Finance
Thomas J. Larsen, 845-443-2754
President, Legal and Public Affairs
Source: Mediacom Communications Corporation