Mediacom to temporarily repay bank debt with note sale proceeds

By Kimberly N. Alleyne

Stroudsburg, Pa., Aug. 16 - Mediacom Broadband LLC announced Tuesday it will use net proceeds from its offering of senior notes to repay all borrowings outstanding under its subsidiaries' revolving credit facility. The paydown is expected to be approximately $220 million.

The company intends to offer $300 million in principal amount of the notes which are due 2015.

Mediacom will also use the net proceeds of the offering for working capital and other general corporate purposes. Up to $70 million of the offering proceeds may be used to make loans to Mediacom LLC, an affiliate of Mediacom Communications, and/or one or more of its subsidiaries. Mediacom Broadband LLC might also temporarily invest some or all of such net proceeds in short-term marketable securities.

The notes will be sold by Broadband LLC and Mediacom Broadband Corp., wholly-owned subsidiaries of Mediacom Communications Corp., a Middletown, N.Y. cable television operator.

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