WideOpenWest Finance, a subsidiary of WOW! Internet, TV & Phone, a broadband services provider, closed on a new credit agreement, consisting of a new senior term loan in an aggregate principal amount of $200 million, with a group of existing lenders.
According to an 8-K filing, Wilmington Savings Fund served as the administrative agent.
The agreement will mature in December 2028 and bear interest at a rate equal to SOFR plus 7.00% and have priority over WOW!’s existing credit facility.
The credit agreement further provides that term loan lenders under the existing credit facility that fund their pro rata share of the senior term loan will be entitled to exchange their existing term loan commitments under the existing credit agreement into the super-priority credit agreement at various interest rates.
“Today’s announcement of additional liquidity puts WOW! in a strong position to re-accelerate our fiber Greenfield strategy,” Teresa Elder, CEO of WOW!, said. “Since 2022, we have successfully brought our high-speed fiber network to a number of new communities as we continue to work toward our goal of 400,000 homes passed over the next few years.”
Honigman and Wachtell, Lipton, Rosen & Katz served as legal counsel, and PJT Partners served as financial advisor to WOW!, in connection with this transaction.
FTI served as financial advisor and Gibson, Dunn & Crutcher served as legal counsel to an ad hoc group of the term lenders.