RCN’s Mexican Sale a Wrap

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RCN Corp. completed the sale of its 48.93% interests in Mexican cable operators Megacable S.A. de C.V. and Megacable Communicaciones de Mexico S.A. to Teleholding S.A. de C.V., comprised of the current shareholders of Megacable and MCM.

The deal, announced earlier this month, ended up being worth approximately $350 million.

RCN said it will apply after-tax proceeds of $300 million to repay debt as required under its various debt agreements.

The company added that its total debt outstanding will be reduced to approximately $200 million and net debt will be slashed to some $95 million.

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