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Atlantic Broadband Converts $50MM Term Loan A to Revolver

Date: May 29, 2013 @ 07:14 AM
Filed Under: Media

Atlantic Broadband, a subsidiary of Cogeco Cable, announced it has amended its credit agreement dated as of November 30, 2012 pursuant to which the lenders have extended a revolving credit facility to Acquisitions Cogeco Cable II L.P. and Atlantic Broadband (Penn) Holdings, Inc., and term loan facilities to Acquisitions Cogeco Cable II L.P.

Pursuant to the amendment, certain Term A Lenders will convert $50 million of their outstanding Term A Loans into Revolving Credit Commitments, the applicable margin for LIBOR borrowings for the Term A Facility and the Revolving Credit Facility will be decreased to 2.375% with step downs (from a previous applicable margin of 3.0% with step downs ) and the applicable margin for the Term B Facility will be decreased to 2.50% (from 3.50%) and the related LIBOR floor will be reduced from 1.00% to 0.75%. Total indebtedness of Atlantic Broadband remains essentially unchanged.

Atlantic Broadband is the 12th largest cable operator in the United States. The company is headquartered in Quincy, MA, with over 650 employees and 248,000 video customers located in four operating regions: Western Pennsylvania, Miami Beach, Maryland/Delaware, and Aiken, SC.

Cogeco Cable is a telecommunications corporation and is the 11th largest hybrid fibre coaxial cable operator in North America, operating in Canada under the Cogeco Cable brand name, in Quebec and Ontario, and in the United States through its subsidiary, Atlantic Broadband.

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