Key Developments For Knology, Inc.
Knology, Inc. (KNOL.O) (Consolidated Issue listed on NASDAQ Global Market)
Knology Inc. Announces Acquisition of Assets of Private Cable Co., LLC For $7.5 Million Cash
Knology Inc. announced that it has closed on the acquisition of the assets of Private Cable Co., LLC (PCL Cable) for $7.5 million in cash. PCL Cable, a provider of video, voice and data services to residential and business customers in Athens and Decatur, Alabama.
Knology Inc. Closes Credit Facility Amendment to Extend Maturities
Knology Inc. announced that it has obtained consent from its lenders to amend its credit facility. Pursuant to the amendment, certain term loan lenders have extended by two years the maturity date of an aggregate $397 million of term loans. The extended term debt will mature on June 30, 2014, and will bear an interest rate of LIBOR + 3.50%, with no LIBOR floor provisions. The amendment also, among other modifications, increases the revolving credit facility to $35 million from $25 million and allows for an annual, cumulative restricted payment allowance of $10 million for dividends and/or share repurchases utilizing excess cash flow and subject to a maximum leverage test.
Knology Inc. Appoints New CFO-Form 8-K
Knology Inc. reported in its Form 8-K that M. Todd Holt, Company's President, has been appointed to take on the additional responsibilities of Chief Financial Officer. The Company and Bruce Herman, who served as Chief Financial Officer (CFO) since July 30, 2008, mutually agreed that Mr. Herman would separate his employment from the Company effective April 27, 2008.
Knology Inc. Sees FY 2008 Revenue At Lower End Of Prior Guidance; Lowers FY 2008 EBITDA Guidance-Conference Call
Knology Inc. announced that for fiscal 2008, it expects about a $410 million revenue and about $137 million EBITDA. According to Reuters Estimates, analysts were expecting the Company to report revenue of $411 million and EBITDA of $137 million for the same period.
Knology Inc. Announces Executive Promotions
Knology Inc. announced that Rodger Johnson, the firm's President and Chief Executive Officer (CEO), has been appointed as Chairman of the Board. Mr. Johnson will retain his day-to-day responsibilities as Chief Executive Officer. The Company also announced that Todd Holt, the Company's Chief Financial Officer, has been appointed to the position of President. Bruce Herman, the Company's Vice President Strategy and Development, will assume the position of Chief Financial Officer.
