MONTREAL – Atlantic Broadband, a subsidiary of Cogeco, announced today that it has amended its existing credit agreement.
As part of the amendment, the Massachusetts-based cable company has lowered the pricing for its Term A facility, Term B facility and revolving credit facility, and increased the size of its revolving credit facility by converting $50 million of the Term A loans into revolving credit commitments.
The amount of Atlantic Broadband’s debts remains essentially unchanged. The applicable margin for the Term A facility and the revolving credit facility will be decreased to 2.375% with step downs (from a previous applicable margin of 3.0% with step downs ) and the applicable margin for the Term B Facility will be decreased to 2.50% (from 3.50%).
Cogeco acquired the U.S. cable operator in November 2012. Atlantic Broadband has 248,000 video customers located in Western Pennsylvania, Miami Beach, Maryland/Delaware, and Aiken, SC.
