QUINCY, Mass.?(BUSINESS WIRE)?
Atlantic Broadband Finance, LLC (?Atlantic Broadband? or the ?Company?)
announced today its intention to replace its existing $25,000,000
revolving credit facility due in 2015, and $485,837,500 term loan
facility due in 2016 (together, the ?Existing
Credit Facility?) with a new $1,060,000,000 senior secured credit
facility (the ?New Credit Facility?)
comprised of a new $50,000,000 revolving credit facility (the ?New
Revolving Facility?), a new $660,000,000 first lien term loan
facility (the ?New First Lien Term Facility?)
and a new $350,000,000 second lien term loan facility (the ?New
Second Lien Term Facility?), the proceeds of which will be used
(a) to repay in full all indebtedness and other amounts due or
outstanding under its Existing Credit Facility, (b) to repay in full the
Company?s 9.375% senior subordinated notes due 2014, and (c) to
consummate a cash dividend payment of approximately $345,000,000 to the
shareholders of Atlantic Broadband Holdings I, LLC. The New First Lien
Term Facility is expected to have a seven-year maturity, the New Second
Lien Term Facility is expected to have a seven and one-half year
maturity and the New Revolving Facility is expected to have a five-year
maturity.
The entry into the New Credit Facility will be contingent upon, among
other things, a successful syndication and the satisfaction of
conditions precedent to the definitive documentation therefor. The
material terms of the New Credit Facility, including those described
above, could change materially between the date hereof and the
effectiveness of the New Credit Facility.
Note Regarding Forward-Looking Statements:
Statements in this release that are ?forward-looking statements? are
based upon current expectations and assumptions, and involve certain
risks and uncertainties within the meaning of the U.S. Private
Securities Litigation reform Act of 1995. Words of expressions such as
?intends?, ?expects?, ?expected?, ?anticipates? or variations of such
words and similar expressions are intended to identify such
forward-looking statements. Key risks are described in the Company?s
report filed with the Securities and Exchange Commission (SEC).
Atlantic Broadband Finance, LLC
Patrick Bratton, 617-786-8800
Chief Financial Officer
Article source: http://finance.yahoo.com/news/atlantic-broadband-finance-llc-announces-134000653.html
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