Cable One, Inc. Enters into Amendment No. 2 to the Amended and Restated Credit Agreement
January 09, 2019 at 02:45 am IST
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Cable One, Inc. announced that the company and certain subsidiaries of the Company, CoBank, ACB, as lender, and JPMorgan Chase Bank, N.A., as administrative agent, entered into Amendment No. 2 to the Amended and Restated Credit Agreement, dated as of May 1, 2017, among the Company, the lenders or other financial institutions party thereto and the Agent. The Amendment amended the Credit Agreement to provide for a new class of incremental term B loans in an aggregate principal amount of $250 million. The Incremental Term B-2 Loans are obligations of the Company and are guaranteed by the Company’s wholly owned subsidiaries that guarantee the Company’s other obligations under the Credit Agreement. The Incremental Term B-2 Loans are secured, subject to certain exceptions, by substantially all of the assets of the Company and the guarantors. The Incremental Term B-2 Loans will mature on January 7, 2026. The Incremental Term B-2 Loans may be prepaid at any time without penalty or premium. The Incremental Term B-2 Loans will bear interest, at the Company’s option, at a rate per annum determined by reference to either LIBOR or a base rate, in each case plus an applicable interest rate margin. The applicable interest rate margin for a LIBOR-based borrowing of Incremental Term B-2 Loans will be 2.00% and the applicable interest rate margin for a base rate-based borrowing of Incremental Term B-2 Loans will be 1.00%. The Incremental Term B-2 Loans will amortize in equal quarterly installments at a rate of 1.00% per annum, with the balance due upon maturity of the Incremental Term B-2 Loans. The final maturity of the Incremental Term B-2 Loans may be accelerated following an event of default under the Credit Agreement on the terms set forth therein. Other than with respect to maturity, amortization, prepayment premiums and pricing, the Incremental Term B-2 Loans contain terms that are substantially similar to the Company’s existing term B loans under the Credit Agreement.
Cable One, Inc. is a broadband communications provider. The Company provides residential customers with an array of connectivity and entertainment services, including Gigabit speeds, advanced wireless fidelity (Wi-Fi), and video. It provides services that are similar to those provided by cable companies, telephone companies and fiber providers, among others. Its three primary product lines include residential data, residential video and business services. Its broadband plant generally consists of a fiber-to-the-premises or hybrid fiber-coaxial (HFC) network with ample unused capacity. It offers Sparklight TV, an Internet protocol-based (IPTV) video service that allows customers with its Sparklight TV app to stream its video channels from the cloud. Its customers are located in seven states: Arizona, Idaho, Mississippi, Missouri, Oklahoma, South Carolina and Texas. It provides services to more than 1.1 million residential and business customers out of approximately 2.8 million homes.
CABLE ONE, INC. 
