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J.P. Morgan Securities Arranges Facility Amendment for WOW!

December 02, 2013, 07:51 AM
Filed Under: Communications

WideOpenWest Finance, LLC (“WOW!” or the “Company”), a leading, fully-integrated provider of residential and commercial high-speed data, video and telephony services to customers in the Midwestern and Southeastern United States, today announced that it has entered into a second amendment (the “Second Amendment”) to its Credit Agreement, dated as of July 17, 2012, as amended on April 1, 2013, (the “Credit Agreement”) among the Company, the guarantors thereto, the lenders party thereto, and the other parties thereto. Capitalized terms used herein without definition shall have the same meanings as set forth in the Credit Agreement.

The Second Amendment provides for a refinancing of the Credit Agreement, resulting in $425.0 million in new Term B-1 Loans, which bear interest, at the Company’s option, at LIBOR plus 3.00% or ABR plus 2.00%. The new Term B-1 Loans include a 0.75% LIBOR floor. The new Term B-1 Loans will replace $398.0 million in outstanding Term B-1 Loans which were previously priced, at the Company’s option, at LIBOR plus 3.25% or ABR plus 2.25% and which previously included a 1.00% LIBOR floor. The Company will utilize the excess proceeds from the new Term B-1 Loans to repay existing, outstanding borrowings on its Revolving Credit Facility and to pay fees and expenses associated with the refinancing.

J.P. Morgan Securities LLC acted as Lead Arranger and Credit Suisse AG, Cayman Islands Branch served as Administrative Agent.

WOW! has been one of the nation's leading providers of high-speed Internet, cable TV, and phone serving communities in Illinois, Michigan, Indiana and Ohio since 1996. In July 2012, WOW! acquired Knology, Inc. and began serving communities in the Southeast and Midwest.

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