Cable One launches $700 million term loans, $350 million revolver

By Angela McDaniels

Tacoma, Wash., April 18 – Cable One, Inc. launched the syndication of a new $250 million senior secured term loan A, a new $450 million senior secured delayed-draw term loan A and a new $350 million senior secured revolving credit facility, according to a company news release.

JPMorgan is acting as lead arranger.

The new credit facilities are expected to mature five years after the closing date of the financing, and the delayed-draw term loan A is expected to be available to be drawn at any time during the first nine months following the closing date.

The company said the effectiveness of the new credit facilities and their terms, including principal amounts and interest rates, are subject to market conditions and other factors.

The company plans to use the proceeds, together with cash on hand and borrowings under its previously established $325 million senior secured delayed-draw term loan B-3, to refinance its existing senior secured revolver and senior secured term loan A, redeem its outstanding 5¾% senior notes due 2022 on or after June 15 when the call premium steps down, finance the company’s pending acquisition of Fidelity Communications Co.’s data, video and voice business and certain related assets and for general corporate purposes.

Cable One is a Phoenix-based broadband communications provider.

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