Thompson Dean serves as the chief executive officer of Avista Capital Partners in New York. In his work with the firm, Thompson Dean focuses on middle-market control buyouts as well as growth investments. One of the companies in the Avista portfolio is WideOpenWest, Inc. (WOW!), a leading provider of cable television, phone, and high-speed Internet services.
Recently, WOW! announced that its subsidiary, WideOpenWest Finance, LLC, received a $2.28 billion commitment for new Term B loans with Morgan Stanley Senior Funding, Inc. and JPMorgan Chase Bank, N.A. serving as lead bookrunners and lead arrangers. These Term B loans are set to mature in August 2023, with interest set at LIBOR plus 325 base points.
Proceeds from the new Term B loans will be used to refinance existing Term B loans and to redeem outstanding Senior Notes due in 2019, as well as to cover various expenses and fees. The company will combine the new loans with on-hand cash to maximize impact. Because of this debt refinancing, combined with deleveraging due to the company’s recent successful initial public offering, WOW! expects to save more than $60 million annually in interest costs.
Recently, WOW! announced that its subsidiary, WideOpenWest Finance, LLC, received a $2.28 billion commitment for new Term B loans with Morgan Stanley Senior Funding, Inc. and JPMorgan Chase Bank, N.A. serving as lead bookrunners and lead arrangers. These Term B loans are set to mature in August 2023, with interest set at LIBOR plus 325 base points.
Proceeds from the new Term B loans will be used to refinance existing Term B loans and to redeem outstanding Senior Notes due in 2019, as well as to cover various expenses and fees. The company will combine the new loans with on-hand cash to maximize impact. Because of this debt refinancing, combined with deleveraging due to the company’s recent successful initial public offering, WOW! expects to save more than $60 million annually in interest costs.
