Correction: WideOpenWest term loan sized at $2.28 billion

A story that appeared in the July 18 edition of the Prospect News Bank Loan Daily incorrectly reported the size of WideOpenWest Finance LLC’s term loan. A corrected version of the story follows:

By Wendy Van Sickle

Columbus, Ohio, July 18 – In addition to increasing its term loan due August 2023 to $2.28 billion, WideOpenWest Finance LLC also expanded its revolving credit facility by $100 million, according to a press release.

An eighth amendment to the WideOpenWest, Inc. subsidiary’s credit agreement added $230,487,500 of term B loans to bring the term loans to the $2.28 billion total.

As previously reported, pricing on the term loans is Libor plus 325 basis points, which came at the wide end of the Libor plus 300 bps to 325 bps talk.

J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc. were the lead banks on the deal.

The term loans and revolver proceeds were used with cash on hand to refinance an existing term loan priced at Libor plus 350 bps with a 1% Libor floor and to redeem the company’s $323 million outstanding 10¼% senior notes due 2019 on Friday.

The company expects annual interest costs to be reduced by more than $60 million by the debt refinancing and the deleveraging from the closing of its previously announced initial public offering.

WideOpenWest is an Englewood, Colo.-based provider of data, video and telephone services.

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