ENGLEWOOD, Colo., Oct. 15,
2024 /PRNewswire/ -- WOW! Internet, TV & Phone
(NYSE: WOW), a leading broadband services provider, today announced
WideOpenWest Finance, LLC, a subsidiary of WOW!, has closed on a
new super-priority credit agreement consisting of a new Senior Term
Loan in an aggregate principal amount of $200 million, with a group of existing lenders.
The super-priority credit agreement will mature in December 2028 and bear interest at a rate equal
to SOFR plus 7.00% and have priority over WOW!'s existing credit
facility.
The credit agreement further provides that term loan lenders
under the existing credit facility that fund their pro rata share
of the Senior Term Loan, will be entitled to exchange their
existing term loan commitments under the existing credit agreement
into the super-priority credit agreement at various interest
rates.
"Today's announcement of additional liquidity puts WOW! in a
strong position to re-accelerate our fiber Greenfield strategy,"
said Teresa Elder, WOW! CEO. "Since
2022, we have successfully brought our high-speed fiber network to
a number of new communities as we continue to work toward our goal
of 400,000 homes passed over the next few years."
Honigman LLP and Wachtell, Lipton, Rosen & Katz served as
legal counsel, and PJT Partners served as financial advisor to
WOW!, in connection with this transaction.
FTI served as financial advisor and Gibson, Dunn & Crutcher
LLP served as legal counsel to an ad hoc group of the term
lenders.
About WOW! Internet, TV & Phone
WOW! is one of the
nation's leading broadband providers, with an efficient and
high-performing network that passes nearly 2 million residential,
business and wholesale consumers. WOW! provides services in 16
markets, primarily in the Midwest and Southeast, including
Michigan, Alabama, Tennessee, South
Carolina, Georgia and
Florida, including the new
all-fiber networks in Central
Florida and Greenville County,
South Carolina. With an expansive portfolio of advanced
services, including high-speed Internet services, cable TV, home
phone, mobile phone, business data, voice, and cloud services, the
company is dedicated to providing outstanding service at affordable
prices. WOW! also serves as a leader in exceptional human resources
practices, having been recognized 11 times by the National
Association for Business Resources as a Best & Brightest
Company to Work For in the Nation, winning the award for the last
seven consecutive years and making the 2022 Top 101 National
Winners list. Visit wowway.com for more information.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this press release that are not historical
facts contain "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements represent our goals, beliefs, plans and
expectations about our prospects for the future and other future
events. Forward-looking statements include all statements that are
not historical fact and can be identified by terms such as "may,"
"intend," "might," "will," "should," "could," "would,"
"anticipate," "expect," "believe," "estimate," "plan," "project,"
"predict," "potential," or the negative of these terms. Although
these forward-looking statements reflect our good-faith belief and
reasonable judgment based on current information, these statements
are qualified by important factors, many of which are beyond our
control that could cause our actual results to differ materially
from those in the forward-looking statements. These factors and
other risks that could cause our actual results to differ
materially are set forth in the section entitled "Risk Factors" in
our Annual Report filed on Form 10-K with the Securities and
Exchange Commission ("SEC") and other reports subsequently filed
with the SEC and also include the following factors: our ability to
execute our Greenfield strategy and maintain compliance with the
covenants in our Senior Term Loan. Given these uncertainties, you
should not place undue reliance on any such forward-looking
statements. The forward-looking statements included in this
presentation are made as of the date hereof or the date specified
herein, based on information available to us as of such date.
Except as required by law, we assume no obligation to update these
forward-looking statements, even if new information becomes
available in the future.
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SOURCE WideOpenWest, Inc.