Cable One expands revolver to $1 billion, adds $150 million term loans, extends maturity dates

By Marisa Wong

Los Angeles, Feb. 24 – Cable One, Inc. entered into an agreement on Feb. 22 to amend and restate its existing third amended and restated credit agreement dated Oct. 30, 2020 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The fourth restatement agreement provides for an increase of the aggregate principal amount of commitments under the company’s revolver by $500 million to $1 billion and extends the scheduled maturity date of the revolver to Feb. 22, 2028 from Oct. 30, 2025.

The agreement also upsizes the company’s term B-3 loan tranche in an aggregate amount of $150 million and extends the scheduled maturity dates of its term B-2 loan tranche and the term loan B-3, in each case to Oct. 30, 2029 from Oct. 30, 2027.

In addition, the restatement transitions the benchmark interest rate from Libor to SOFR plus a 10 basis points credit spread adjustment.

The term loan B-2 and term loan B-3 will bear interest at term SOFR plus 10 bps CSA plus an applicable margin of 225 bps.

The principal will amortize in equal quarterly installments of about $1,936,000, with the balance due upon maturity.

On the closing date, the company drew $488 million under the revolver and, together with the proceeds from the additional term B-3 loans and cash on hand, repaid all of its outstanding term loan A-2.

The restated credit agreement contains financial covenants relating to total net leverage and first-lien net leverage.

Cable One is a Phoenix-based broadband communications provider.

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