Montreal-based operator Cogeco Cable has raised C$175m (US$161.4m) in a private offering of a dual-tranche bond.
The cableco sold C$150m senior secured 4.29% series B notes maturing in 2026 and C$25m of 4.14% series A senior secured notes due…
Montreal-based operator Cogeco Cable has raised C$175m (US$161.4m) in a private offering of a dual-tranche bond.
The cableco sold C$150m senior secured 4.29% series B notes maturing in 2026 and C$25m of 4.14% series A senior secured notes due 2024.
Cogeco Cable will use the proceeds to repay a portion of its outstanding revolving credit facility. Cogeco Cable said it has committed to not draw down on the resulting increase in availability under the revolver, other than to repay a portion of its US$190m senior secured notes series A maturing on 1 October 2015.
The French Canadian company has been focusing on debt reduction following the acquisitions of Peer 1 Network Enterprises and Atlantic Broadband over a year ago. It has around C$2.8bn in long-term debt according to its last quarterly results published in June. In the last quarter, it generated C$496m in revenues and EBITDA of C$229m.
