2012-02-14 21:59:14 -
ST. LOUIS (February 14, 2012) - Cequel Communications Holdings I, LLC ("Cequel,"
and together with its subsidiaries, the "company") announced today that its
subsidiary, Cequel Communications, LLC, has closed on a new $2.7 billion credit
facility (the "new credit facility").
"The fact that we were able to complete this refinancing in today's economic
environment is a testament to our track record and our ability to generate
outstanding operating results," said Jerry Kent, the company's Chairman and
Chief Executive Officer. "The new credit facility extends our debt maturity
profile and positions us to further execute on our business strategy of
providing a superior level of customer care."
The new credit facility consists of a $500 million revolver and a $2.2 billion
term loan B. The company intends to use proceeds from the new credit facility to
repay in full and terminate its existing $2.525 billion credit facility and to
make payments to Cequel Communications Holdings, LLC ("Cequel Holdings"),
Cequel`s parent company, of $370 million in March 2012 and up to an additional
$70 million in May 2012. Cequel Holdings intends to use such distributions to
repay a portion of the capital contributions made by holders of common units of
Cequel Holdings and to make certain payments to holders of options and
restricted units of Cequel Holdings. Cequel has no current plans for any further
distributions and will in no case make any such additional distributions prior
to April 1, 2013.
Cequel has posted to its website (suddenlink.com) a Current Report pursuant to
the Indenture governing the 8.625% Senior Notes due 2017 and co-issued by Cequel
and Cequel Capital Corporation.
# # #
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 forwardlooking 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.
Cequel does business as Suddenlink Communications. Suddenlink (suddenlink.com)
is the seventh largest cable operator in the United States, supporting the
information, communication and entertainment demands of approximately 1.4
million residential customers and thousands of commercial customers in Arkansas,
Louisiana, North Carolina, Oklahoma, Texas, West Virginia and elsewhere.
Suddenlink simplifies its customers' lives through one call for support, one
connection, and one bill for TV, Internet, phone and other services.
Cequel Contact Information
Pete Abel
Senior Vice President, Corporate Communications
314-315-9346
pete.abel@suddenlink.com
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Source: Cequel Communications Holdings I, LLC via Thomson Reuters ONE
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