Knology increases term loan A size by $20 million to $195 million

By Sara Rosenberg

New York, Feb. 18 - Knology Inc. upsized its term loan A to $195 million from $175 million, according to a market source.

Pricing on the term loan A due February 2016 is Libor plus 300 bps with no Libor floor and a par offer price.

The company is also getting a $545 million term loan B due August 2017 priced at Libor plus 300 bps with a 1% Libor floor, a par offer price and 101 soft call protection for one year.

Credit Suisse is the lead bank on the deal (B1).

Proceeds will be used to refinance the existing $545 million term loan B and $175 million term loan A that are priced at Libor plus 400 bps. The existing B loan has a 1.5% Libor floor and was sold at an original issue discount of 99. The debt was obtained in October to fund the acquisition of Sunflower Broadband and to refinance existing debt.

The additional funds raised through the upsizing will be used to add cash to the balance sheet.

Knology is a West Point, Ga.-based provider of interactive communications and entertainment services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.