Knology Inc. said Wednesday that it has entered into significant modifications to its credit facilities with three banks.
The amendments will help the operator to significantly defer future debt service requirements and will generally provide more relaxed financial covenants.
The three banks involved are Wachovia Corp., National Association and CoBank.
“We are pleased to have successfully completed the amendments to our two credit facilities,” Knology vice president and chief financial officer Robert K. Mills said in a prepared statement.
“The modifications to the terms of these agreements -- including the significant deferral of principal payments and the ability to dividend operating cash flow from the telephone operations group to Knology -- strengthen our financial and liquidity position and allow us to remain focused on operating our business for continued growth and success,” he added.