Mediacom Broadband LLC and Mediacom Broadband Corporation, wholly-owned subsidiaries of Mediacom Communications Corporation, announced that they have completed today the redemption of the entire balance of their $50 million of outstanding principal amount of 5½% Senior Notes due 2021.
“I am proud to announce the repayment of Mediacom’s last remaining bonds,” stated Rocco B. Commisso, Mediacom’s founder, Chairman and Chief Executive Officer. “Reaching this milestone is a testament to the investment grade quality of Mediacom’s financial position, highlighted by a total debt leverage ratio well below 3x and historically low average borrowing costs of 3.25%. Naturally, none of this would be possible without the hard work and dedication of Mediacom’s 4,500 employees, who have consistently produced excellent results, evidenced by the unique accomplishment of 91 consecutive quarters of year-over-year revenue growth.”
“I would like to extend my sincere appreciation to our long-term bondholders for their support and trust over my 33 years of raising debt capital in the ‘non-investment grade’ markets,” continued Mr. Commisso. “I am gratified to have returned the favor by delivering an unblemished credit performance over the decades. Equally important, our banks and institutional term loan investors under the Company’s existing credit facilities continue to benefit from solid asset coverage, ample levels of liquidity and Mediacom’s robust free cash flow generation.”
About Mediacom Communications
Mediacom Communications Corporation is the 5th largest cable operator in the United States and the leading 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. The company delivers scalable broadband solutions to commercial and public sector customers of all sizes through Mediacom Business, and sells advertising and production services under the OnMedia brand. More information about Mediacom is available at www.mediacomcable.com.