WideOpenWest (WOW!) amended its credit agreement to borrow new term B loans in an aggregate principal amount of $230.5 million for a total outstanding term B loan principal amount of $2.28 billion. The revolving credit commitments were increased by an aggregate principal amount of $100 million.

According to a related 8-K filing, JPMorgan Chase was administrative agent for the transaction. JPMorgan Chase Bank and Morgan Stanley Senior Funding acted as lead arrangers and joint bookrunners. The new term B loans will mature in August 2023 and bear interest at either a rate equal to ABR plus 2.00% or LIBOR plus 3.25%.

The company used the proceeds of the new term B loans, along with borrowings under its revolving credit facility and cash on hand, to refinance the company’s existing term B loans, to redeem all of WOW! Finance’s outstanding 10.250% senior notes due 2019 and to pay certain fees and expenses.

In connection with the debt refinancing, the company satisfied and discharged the indenture governing the senior notes. The company expects that its annual interest costs will be reduced by an amount in excess of $60 million as a result of the combined impact of the deleveraging from the closing of its previously announced initial public offering and the debt refinancing.

WOW! is a provider of high-speed internet, cable TV and phone serving communities in the U.S.