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Grande Communications completes recapitalization of subsidiary
By Caroline Salls
Pittsburgh, Sept. 15 - Grande Communications Holdings, Inc. has completed the recapitalization of its wholly owned subsidiary and operating company, Grande Communications Networks LLC, successor in interest to Grande Communications Networks, Inc., according to a company news release.
Grande Communications Networks will now be owned indirectly by a newly formed partnership in which a fund managed by ABRY Partners, LLC owns a controlling interest.
In addition, Grande Communications Holdings said it will hold an indirect minority interest in Grande Communications Networks.
As part of the transaction, Grande Communications Networks will be managed by Atlantic Broadband Finance, LLC, an existing portfolio company of ABRY.
In connection with the transaction, the holding company's 14% senior secured notes due 2011, which were guaranteed by Grande Communications Networks, were repurchased or called for redemption.
The company said this transaction was financed through a combination of equity financing from a fund managed by ABRY and some affiliated entities and Grande Communications Networks' new credit facility under its credit agreement with Societe Generale.
Grande Communications Holdings' vice president of operations, Scott Ferguson, said the additional capital will allow continued investment in its operations as well as future growth.
"The infusion of new capital, combined with Atlantic Broadband's management depth, is a great step forward for Grande," Ferguson said in the release.
Matt Murphy, formerly Atlantic Broadband's senior vice president for corporate development, has been named president of Grande Communications Networks.
Grande Communications is a San Marcos, Texas-based provider of high-speed internet, local and long-distance telephone and digital cable services.
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