Mediacom launches $800 million in term loans, revolver extension

By Sara Rosenberg

New York, April 15 - Mediacom held a lender call on Thursday morning to launch $800 million in term loans (Ba3) and a revolving credit facility extension, according to a market source.

Specifically, Mediacom LLC is out with a $250 million term loan E and an extension of its $200 million revolver to 2014 from 2011, the source said.

And, Mediacom Broadband LLC is out with a $550 million term loan F.

Both the term loan E and the term loan F are being talked at Libor plus 300 basis points with a 1.5% Libor floor and an original issue discount of 99 to 991/2, the source continued.

Pricing on the extended revolver will be based on a leverage grid, the source added.

JPMorgan and Bank of America are the lead banks on the deal, with JPMorgan the left lead on Medicom LLC and Bank of America the left lead on Mediacom Broadband.

Proceeds from the new term loans will be used to refinance existing debt and for general corporate purposes.

Commitments are due from lenders on Wednesday.

Mediacom LLC and Mediacom Broadband are wholly owned subsidiaries of Mediacom Communications Corp., a Middletown, N.Y.-based developer of cable systems to provide entertainment, information and telecommunications services.

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