Insight Announces Proposed Debt Refinancing
27 Giugno 2005 - 10:44PM
Business Wire
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.
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