Mediacom to draw on existing revolver for purchase by CEO Commisso

By Sara Rosenberg

New York, Dec. 3 - Mediacom Communications Corp. plans on using borrowings under its existing revolving credit facility to fund its buyout by Rocco B. Commisso, its founder, chairman and chief executive officer, according to a PREM14A filed with the Securities and Exchange Commission on Friday.

The total amount of funds necessary to complete the acquisition is anticipated to be $377.3 million.

Under the agreement, Commisso will purchase all of the outstanding shares of Mediacom common stock that he does not currently own for $8.75 per share in cash.

Closing is expected in the first half of 2011, subject to stockholder approval and other customary conditions.

Mediacom is a Middletown. N.Y.-based cable television company.

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