Atlantic Broadband Finance Intends to Refi Credit Facility
Atlantic Broadband Finance, LLC announced its intention to replace its existing $25 million revolving credit facility due in 2015, and $485.8 million term loan facility due in 2016 with a new $1.06 billion senior secured credit facility comprised of a new $50 million revolving credit facility, a new $660 million first lien term loan facility and a new $350 million second lien term loan facility.
The proceeds will be used (a) to repay in full all indebtedness and other amounts due or outstanding under its existing credit facility, (b) to repay in full the company’s 9.375% senior subordinated notes due 2014, and (c) to consummate a cash dividend payment of approximately $345 million to the shareholders of Atlantic Broadband Holdings I, LLC. The new first lien term facility is expected to have a seven-year maturity, the new second lien term facility is expected to have a seven and one-half year maturity and the new revolving facility is expected to have a five-year maturity.
Atlantic Broadband Finance is a privately held company offering digital video, high-speed Internet and phone service.