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Article: Knology Successfully Closes Credit Facility Amendment to Extend Maturities.
- Article from:
- Biotech Week
- Article date:
- October 14, 2009
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Knology, Inc. (Nasdaq: KNOL) announced that it has obtained consent from its lenders to amend its credit facility. Pursuant to the amendment, certain term loan lenders have extended by two years the maturity date of an aggregate $397 million of term loans. The extended term debt will mature on June 30, 2014, and will bear an interest rate of LIBOR + 3.50%, with no LIBOR floor provisions. The amendment also, among other modifications, increases the revolving credit facility to $35 million from $25 million and allows for an annual, cumulative restricted payment allowance of $10 million for dividends and/or share repurchases utilizing excess cash flow and subject to a maximum ...