2013-01-14 15:04:19 -
ST. LOUIS (January 14, 2013) - Cequel Communications Holdings I, LLC ( "Cequel")
and its subsidiary co-issuer, Cequel Capital Corporation ("Cequel Capital," and
together with Cequel, the "Issuers"), announced today the completion of the
previously announced cash tender offer by the Issuers for up to $750.0 million
aggregate principal amount of the Issuers' 8.625% Senior Notes due 2017 (the
"Notes") from each registered holder of Notes. The tender offer expired at
midnight, New York City time, on January 11, 2013.
As previously announced, as of the early tender deadline of 5:00 p.m., New York
City time, on December 27, 2012 (the "Early Tender Deadline"), $712,399,000 in
aggregate principal amount, or approximately 39%, of the outstanding Notes had
been validly tendered and not withdrawn. Payment for these Notes was made on
28, 2012. There were no additional Notes tendered since the Early
The dealer managers for the tender offer were J.P. Morgan Securities LLC and
Credit Suisse Securities (USA) LLC. D.F. King & Co., Inc. acted as depositary
and information agent in connection with the tender offer.
Cequel is the seventh largest cable operator in the United States, making its
services available over an advanced hybrid-fiber coaxial network to
approximately 3.0 million homes in the United States as of September 30, 2012.
It serves approximately 1,379,600 customers as of September 30, 2012. Cequel's
customer base is clustered geographically with approximately 95% of its customer
relationships located in the ten states of Texas, West Virginia, Louisiana,
Arkansas, North Carolina, Oklahoma, Missouri, Arizona, California and Ohio, and
88% of its customer relationships located within its top 20 primary systems.
Cequel believes it is currently the leading integrated video communications
provider in its coverage areas, serving approximately 1,230,300 basic video
customers as of September 30, 2012. Cequel's cable video services include
traditional basic and digital video service and, in most areas, advanced digital
video services such as video on demand, high definition television, and digital
video recorders. As of September 30, 2012, approximately 832,600 of its basic
video customers were also digital video customers, and it had approximately
996,800 residential high-speed Internet customers and approximately 469,800
residential telephone customers. In addition to consumer subscription services,
Cequel also provides communication services to commercial customers, sells
advertising time on its cable systems, and provides residential security
services, which are available to most customers. Cequel evaluates its
performance, in part, by measuring the revenue generating units ("RGUs") that it
serves. As of September 30, 2012, Cequel served approximately 3,529,500 RGUs,
representing an increase of 4.3% over the prior year. In addition, as of
September 30, 2012, it served approximately 51,000 commercial high-speed data
and 22,600 commercial telephone customers, not included in its RGU totals.
Cequel is a privately-owned company with principal executive offices located at
12444 Powerscourt Drive, Suite 450, St. Louis, Missouri 63131. Its phone number
is (314) 315-9400 and its website address is suddenlink.com.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 that involve a number of
risks and uncertainties. Forward looking statements, which are based on
management's current expectations, are generally identifiable by the use of
terms such as "may," "will," "expects," "believes,"
"intends," "anticipates" and
similar expressions. Because these forward-looking statements involve known and
unknown risks and uncertainties, there are important factors that could cause
actual results, events or developments to differ materially from those expressed
or implied by these forward-looking statements. Readers are cautioned not to
place undue reliance on such forward-looking statements. All information is
current as of the date this press release is issued, and Cequel undertakes no
duty to update this information.
This news release is for informational purposes only and is not an offer to buy,
or the solicitation of an offer to sell, securities, nor a solicitation for
acceptance of the tender offer for the Notes.
Cequel Contact Information
Chief Financial Officer
Senior Vice President, Treasurer
Vice President, Corporate Finance
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originality of the information contained therein.
Source: Cequel Communications Holdings I, LLC via Thomson Reuters ONE