Knology Wraps Up Refinancing

-- Multichannel News, 6/30/2005 2:52:00 PM

Knology Inc. said Thursday that it has completed a previously announced refinancing of its outstanding credit facilities and senior notes.

The MSO said its new credit facility consists of a $25 million revolver (no money drawn at close), a $185 million first-lien term loan and a $95 million second-lien term loan.

“The new debt facilities combined with the $9.2 million equity we recently raised, will significantly improve our liquidity position,” CEO Rodger L. Johnson said in a prepared statement.

Chief financial officer Robert Mills added, “Our primary goal for this transaction is to create liquidity for our business so that we can continue to grow revenue and EBITDA [earnings before interest, taxes, debt and amortization]. We continue to work on developing the business by focusing on generating cash flows through organic growth. We believe this transaction will allow the business to grow in a way that creates value for our investors and other constituents.”