Mediacom Communications Corporation has announced the completion of USD 2.170 billion of financing transactions on March 17, 2020, comprising USD 745 million of revolving credit facilities and USD 1,425 million of bank term loans for our subsidiaries, Mediacom LLC and Mediacom Broadband LLC, the company said.
These successful financings:
Extended nearly 80% of our debt maturities to March 2025, with the remainder due February 2024;
Reduced the average interest rate on our total debt outstanding from 4.2% in Q1 2019 to below 2.5% currently, an all-time low for Mediacom; and
Decreased annualized interest expense from approximately USD 99 million in Q1 2019 to below USD 53 million currently, again an all-time low for Mediacom.
Mediacom Communications Corporation is the 5th largest cable operator in the United States and the gigabit broadband provider to smaller markets primarily in the Midwest and Southeast. Through its fiber-rich network, Mediacom provides high-speed data, video and phone services to nearly 1.4 million households and businesses across 22 states. More information about Mediacom is available at www.mediacomcable.com.