Mediacom Communications added $1.37 billion in new term loans and revolving credit commitments to its credit facility.

According to a related 8-K filing, the second amended and restated credit agreement, with JPMorgan Chase Bank as administrative agent, provided for term loans in the principal amount of $200 million and $800 million and a $370 million revolving credit facility.

On February 15, 2017, the full amount of the new term loans was borrowed by the operating subsidiaries, the new revolver became effective and the previous $362.5 million revolving credit facility was terminated. Proceeds from the financing transactions were used to repay all of Mediacom’s previously outstanding indebtedness.

Borrowings under the new revolver bear interest at a floating rate or rates equal to LIBOR plus a margin ranging from 1.75% to 2.75%, or the Prime Rate plus a margin ranging from 0.75% to 1.75%.

“We are very pleased with today’s completed transactions, which reduce MCCC’s interest expense to an all-time low, while extending the maturities of our debt arrangements,” said Mark E. Stephan, Mediacom Communications EVP and CFO. “Mediacom’s quality reputation in the financial community fueled robust lender demand that allowed us to upsize and tighten the pricing on the institutional term loans. Our balance sheet has never been stronger, and with an industry-leading average cost of debt now below 4%, our ability to generate free cash flow has strengthened even further.”

Mediacom Communications is a cable operator serving more than 1.3 million customers in smaller markets primarily in the Midwest and Southeast U.S.