Mediacom seven-year loan firms at Libor plus 300 bps, OID tightens

By Sara Rosenberg

New York, June 12 – Mediacom Broadband LLC set pricing on its $250 million seven-year term loan J at Libor plus 300 basis points, the tight end of the Libor plus 300 bps to 325 bps talk, and modified the original issue discount to 99˝ from 99, according to a market source.

The seven-year loan still has a 0.75% Libor floor and 101 soft call protection for one year.

The company’s $500 million in new debt (Ba3/BB) also includes a $250 million three-year term loan I talked at Libor plus 275 bps to 300 bps with a discount of 99˝ and 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Mediacom is a Middletown, N.Y.-based cable operator.

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