Mediacom adds $153.5 million loan due 2021 at Libor plus 225-350 bps

By Susanna Moon

Chicago, Dec. 18 – Mediacom LLC’s operating subsidiaries obtained a $153.5 million term loan due Nov. 15, 2021 under an incremental facility agreement Thursday, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the term loan, or term loan A, ranges from Libor plus from 225 basis points to 350 bps, based on financial ratios.

The term loan A is subject to quarterly reductions of $1,918,750 beginning March 31.

At closing, the full amount of the term loan was borrowed by the operating subsidiaries, with proceeds used to repay some of the company’s term loan E under the credit facility.

After the repayment, the term loan E had $83.4 million of outstanding borrowings.

There are now four term loans outstanding under the credit facility: term loan A, term loan E, term loan F and term loan G.

As of Sept. 30, pro forma for this transaction and $112.5 million of additional revolving credit commitments established on Nov. 23, the operating subsidiaries would have had a $1.192 billion credit facility, comprising $829.6 million of term loans and a $362.5 million revolving credit facility. As of that date, the operating subsidiaries would have had $234.3 million of unused revolving credit commitments, after giving effect to $118.9 million of outstanding loans and $9.3 million of letters of credit issued as collateral, the filing noted.

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

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