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Mediacom units lift tender offer cap for 8½% notes to $350 million
By Susanna Moon
Chicago, Aug. 20 - Mediacom Communications Corp. subsidiaries Mediacom Broadband LLC and Mediacom Broadband Corp. will now tender for up to $350 million principal amount of their $500 million of outstanding 8½% senior notes due 2015.
The companies originally planned to accept tenders for up to $300 million of the notes when the offer began Aug. 14.
The tender offer is still set to end at 8 a.m. ET on Sept. 12. All of the other terms of the offer remain unchanged.
As previously reported, the companies will pay $1,022.50 per $1,000 principal amount of notes. This includes an early tender payment of $20.00 for each note tendered by the early tender date of 5 p.m. ET on Aug. 27.
Holders will also receive accrued interest up to but excluding the applicable settlement date.
The companies expect to accept for purchase on or promptly following the early tender date 60% of the 8½% notes tendered by the early tender date, and the payment for these notes will be made on or promptly after the early acceptance date.
If the tender offer is oversubscribed, the companies plan to accept for purchase promptly following the expiration time the total amount of 8½% notes tendered multiplied by a final proration percentage less any 8½% notes previously purchased on the early settlement date. They will determine to what extent to accept for purchase on the final acceptance date the remaining 8½% notes tendered by the early tender date but not accepted on the early acceptance date.
Among other conditions, the offer is subject to the receipt of financing. It is not contingent on the tender of any minimum principal amount of notes.
The dealer managers are Wells Fargo Securities LLC (866 309-6316 or 704 715-8341) and SunTrust Robinson Humphrey Inc. (404 926-5051).
The information agent and depositary is i-Deal LLC (888 593-9546 or, for banks and brokers, 212 849-5000).
Mediacom is a cable television company based in Middletown, N.Y.
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