Suddenlink Parent Closes Refinancing

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Cequel Communications, parent of Suddenlink Communications, the seventh largest MSO in the country, said Tuesday that it has completed a $2.7 billion debt refinancing.
Cequel first announced its intention to refinance its debt in January.
"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," Suddenlink chairman and CEO Jerry Kent said in a statement. "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's parent company, of $370 million in March and up to an additional $70 million in May. 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.

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