US-based telecoms operator WOW has secured a refinancing agreement for its July 2012 facility, amended in April 2013, raising US$425m in new loans.
The new debt bears interest, at the company’s option, priced at Libor plus 3% or ABR plus 2%. It…
US-based telecoms operator WOW has secured a refinancing agreement for its July 2012 facility, amended in April 2013, raising US$425m in new loans.
The new debt bears interest, at the company’s option, priced at Libor plus 3% or ABR plus 2%. It includes a 0.75% Libor floor.
The facility replaces US$398m in outstanding loans. Excess proceeds will go towards outstanding borrowings on its revolving credit facility and also be used to cover refinancing fees and expenses incurred, the company said in a statement.
JP Morgan acted as lead arranger and Credit Suisse served as administrative agent.
Private equity-backed WOW provides digital cable, HDTV, internet, and local and long-distance phone service in the Midwest and Southeast.
In July last year, it completed a US$1.5bn acquisition of cable operator Knology, boosting its customer base to 800,000.
