Key Developments For Mediacom Communications Corporation
Mediacom Communications Corporation (MCCC.O) (Nasdaq)
Mediacom Communications Announces Completion Of Senior Note And Term Loan Financings
Mediacom Communications announced the completion of $650 million of financing for Mediacom LLC, one of its two principal operating subsidiaries. The financings consisted of $350 million of 9?% Senior Notes due 2019, and an incremental senior secured term loan facility of $300 million maturing in 2017, which was completed pursuant to an existing bank credit agreement between the operating subsidiaries of Mediacom LLC and lenders thereto. The funding date of the incremental term loan facility is September 24, 2009. The net proceeds of the 9?% Senior Notes will be used to fund, in large part, the purchase by Mediacom LLC of both its 9% Senior Notes due 2013 and 7?% Senior Notes due 2011, which are subject to ongoing tender offers.
Fitch Affirms Mediacom Communications' At B
Mediacom Communications announced that Fitch Ratings has affirmed the Issuer Default Rating (IDR) for the Company and its wholly owned subsidiaries Mediacom LLC (LLC) and Mediacom Broadband LLC (Broadband) at B.
Mediacom Communications Announces Proposed Private Offering of Senior Notes due 2019
Mediacom LLC and Mediacom Capital Corporation, wholly owned subsidiaries of Mediacom Communications announced that they intend to offer $300 million in aggregate principal amount of new senior notes due 2019 (Senior Notes) in a private offering. Mediacom LLC and Mediacom Capital Corporation will use the net proceeds of the offering, together with borrowings under a proposed new incremental term loan facility to be entered into by Mediacom LLC`s operating subsidiaries pursuant to their existing credit agreement, to purchase up to $500 million principal amount of their outstanding 9% senior notes due 2013 (9% notes) and 7?% senior notes due 2011 (7?% notes) pursuant to two tender offers. There is currently $500 million and $125 million principal amount outstanding of 9% notes and 7?% notes, respectively. The 9% senior notes will be given priority in the tender offers.
Mediacom Communications Reaffirms FY 2009 Guidance
Mediacom Communications revised its fiscal 2009 guidance and expects revenue and Adjusted OIBDA to increase on a full year basis, although at reduced growth rates than achieved in 2008. The Company reported revenue of $1.40 billion for fiscal 2008.
Mediacom Communications Comments on FY 2009 Outlook
Mediacom Communications announced that for fiscal 2009, despite the current economic uncertainties, it still expects to increase revenues.
