ENGLEWOOD, Colo.--(BUSINESS WIRE)--
WideOpenWest, Inc. — (“WOW!” or the “Company”) (NYSE: WOW)
announced today that WideOpenWest Finance, LLC (“WOW! Finance”), a
subsidiary of the Company, has entered into the eighth amendment to its
credit agreement whereby (i) WOW! Finance borrowed new term B loans in
an aggregate principal amount of $230,487,500, for a total outstanding
term B loan principal amount of $2.28 billion and (ii) the revolving
credit commitments were increased by an aggregate principal amount of
$100,000,000. JPMorgan Chase Bank, N.A. and Morgan Stanley Senior
Funding, Inc. acted as lead arrangers and joint bookrunners. The new
term B loans will mature in August 2023 and bear interest, at WOW!
Finance's option, at a rate equal to ABR plus 2.00% or LIBOR plus 3.25%.
The Company used the proceeds of the new term B loans, along with
borrowings under its revolving credit facility and cash on hand, to
refinance the Company’s existing term B loans, to redeem all of WOW!
Finance’s outstanding 10.250% Senior Notes due 2019 (the “Senior Notes”)
and to pay certain fees and expenses (collectively, the “Debt
Refinancing”). In connection with the Debt Refinancing, the Company
satisfied and discharged the indenture governing the Senior Notes. The
Company expects that its annual interest costs will be reduced by an
amount in excess of $60 million as a result of the combined impact of
(i) the deleveraging from the closing of its previously announced
initial public offering and (ii) the Debt Refinancing.
About WOW!
WOW! is one of the nation's leading providers of high-speed Internet,
cable TV and phone serving communities in the U.S. WOW!’s operating
philosophy is to deliver a customer and employee experience that lives
up to its name. For more information, please visit www.wowway.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
including statements regarding expected cost savings from the Debt
Refinancing. These statements are not historical facts but rather are
based on the Company’s current expectations regarding the cost savings
from the Debt Refinancing. Words such as “may,” “will,” “could,”
“would,” “should,” “predict,” “potential,” “expects,” “intends,”
“plans,” “believes,” and similar expressions are used to identify these
forward-looking statements. These statements are only predictions and as
such are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict. Actual
results may differ materially from those in the forward-looking
statements as a result of a number of factors, including those described
from time to time in the Company’s filings with the Securities and
Exchange Commission.
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Source: WideOpenWest Inc.