Knology postpones $280 million 10-year note offering, cites market conditions

By Paul A. Harris

St. Louis, March 3 - Knology Inc. postponed its offering of $280 million 10-year senior notes (Caa2/CCC-) on Wednesday, the company said in a news release.

"In light of current market conditions the company is withdrawing its proposed private offering of senior notes," the release stated.

"We had believed that market conditions would enable us to complete an opportunistic refinancing of our existing long-term debt to realize significant cost savings," said Rodger Johnson, president and chief executive officer of Knology, in the release. "Unfortunately, proceeding with the proposed offering in the current market environment would not have provided Knology with the interest expense savings we had expected."

UBS Investment Bank and Morgan Stanley were joint bookrunners on the offering.

The company is a West Point, Ga., provider of interactive communications and entertainment services.

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