Northland Cable Television plans to redeem notes using new bank loan

New York, July 2 - Northland Cable Television Inc. said it plans to redeem all its outstanding senior subordinated notes using proceeds of a new credit facility.

The new bank facility will also be used to refinance the company's existing bank debt and to provide capacity for future acquisitions and funds for future capital expenditures and working capital.

Closing is expected during the third quarter.

Northland, a Seattle-based cable television operator, had $100 million of 10¼% senior subordinated notes due 2007 outstanding as of Dec. 31, 2003, according to a 10-K filing with the Securities and Exchange Commission.

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