Canada’s Cogeco Cable has sold US$215m senior secured notes which are due to mature in 2025.
The notes carry a 4.3% coupon and were sold through a private placement.
Cogeco will use the proceeds, along with draws from its credit facilities, to redeem…
Canada’s Cogeco Cable has sold US$215m senior secured notes which are due to mature in 2025.
The notes carry a 4.3% coupon and were sold through a private placement.
Cogeco will use the proceeds, along with draws from its credit facilities, to redeem C$300m senior secured debentures which are set to mature next year.
According to a statement the French Canadian cableco also plans to reduce its C$1bn committed revolving credit facilities to C$800m. This will be financed by the proceeds from Cogeco’s sale of C$300m senior secured debentures at the end of May.
Cogeco sold US$400m seven-year senior unsecured notes in April to repay debt linked to the acquisition of Peer 1 Network Enterprises.
The Montreal-headquartered company generated C$1.2bn revenues last year and has just over C$1bn in long-term debt.
Cogeco offers television, internet and telephony through cable in Ontario and Quebec. It also operates in a number of east coast states in the US through Atlantic Broadband.
