Insight Communications (NASDAQ:ICCI)
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Insight Communications Company, Inc. (NASDAQ: ICCI)
today announced plans to refinance the existing $1.1 billion Term B
loan under Insight Midwest's credit facility. In addition, Insight
anticipates that the credit facility will be further amended, among
other changes, to adjust the maximum total leverage ratio covenant.
"This market opportunity would enable us to reduce our overall
interest costs as well as ensure adequate liquidity under Insight
Midwest's financial covenants," said John Abbot, senior vice president
and CFO of Insight Communications. "The interest savings going forward
would further enhance our strong free cash flow position. And
importantly, the covenant adjustment would provide ample room for
compliance under our financial covenants for the near future."
The proposed transactions are subject to the completion of
definitive documents and customary closing conditions. Closing is
expected to occur within the next few weeks.
Insight Communications (NASDAQ: ICCI) is the 9th largest cable
operator in the United States, serving approximately 1.3 million
customers in the four contiguous states of Illinois, Indiana, Ohio,
and Kentucky. Insight specializes in offering bundled,
state-of-the-art services in mid-sized communities, delivering analog
and digital video, high-speed Internet, and voice telephony in
selected markets to its customers.
Any statements in this press release that are not historical facts
are forward-looking statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended. The words "expect,"
"anticipate" and other expressions that indicate future events and
trends identify forward-looking statements. The above forward-looking
statements are subject to risks and uncertainties and are subject to
change based upon a variety of factors that could cause actual results
to differ materially from those Insight Communications anticipates.