Cablecom amends loan to exclude write-offs, ease covenants

New York, Feb. 10 - Cablecom Luxembourg SCA and its subsidiary Cablecom GmbH amended their bank facility to allow for the write off of some revenues and ease covenants.

Because of accounting adjustments relating to the 2003 restructuring of Cablecom and its acquisition in 2005 by Liberty Global, Inc., some deferred revenues were written off, according to an 8-K filing with the Securities and Exchange Commission. The amendment adjusts the definition of EBITDA in the facility to include those revenues.

The amendment also eases the total debt to EBITDA ratio for the quarter ending March 31 to 5.25:1 from 5.00:1 and the senior debt to EBITDA ratio for the same quarter to 4.25:1 from 4.00:1.

The loan includes CHF 1.33 billion of term loan A and term loan B borrowings via Toronto Dominion (Texas) LLC as agent. It closed on Dec. 5, 2005 and the amendment is effective Feb. 6. Cablecom, a Swiss cable television company, also has a CHF 150 million revolver.

The CHF 711.52 million term loan B has been fully drawn, with half in Swiss francs and half in euros. Borrowings are at Libor plus 250 basis points.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.