Suddenlink Closes NPG Cable Deal

Source: Suddenlink Press Release

Cequel Communications, LLC, which does business as Suddenlink Communications, closed its acquisition of NPG Cable, Inc., and its subsidiaries from News‐Press & Gazette Co., for approximately $350 million, subject to customary working-capital closing adjustments.

NPG’s cable systems serve approximately 83,000 customers, representing approximately 210,000 revenue generating units or RGUs, with operations in St. Joseph, Mo.; Mammoth Lakes, Calif.; and several, clustered Arizona communities, including Flagstaff and Sedona, Lake Havasu and Kingman.

Suddenlink Announces Debt Offering to Fund NPG Acquisition

Source: Suddenlink Press Release

Cequel Communications Holdings I, LLC (“Cequel”), parent company of Suddenlink Communications, and its subsidiary co-issuer, Cequel Capital Corporation, announced that they intend to commence a private offering to eligible purchasers, subject to market and other conditions, of $625 million principal amount of 8.625% Senior Notes due 2017.

The Notes will form a part of the same series as the outstanding $1.2 billion aggregate principal amount of 8.625% Senior Notes due 2017 co-issued on November 4, 2009, and May 4, 2010, by Cequel and Cequel Capital Corporation. The net proceeds from the sale of the Notes and cash on hand will be used to fund Suddenlink's acquisition of NPG Cable, Inc.; repay all of the original capital contributions made by holders of preferred interests of Cequel’s parent; repay a portion of the capital contributions made by holders of common interests of Cequel’s parent; make certain payments to holders of options in and restricted common units of Cequel’s parent; and pay related costs, fees and expenses.

Suddenlink to Acquire NPG Cable

Source: Suddenlink Press Release

Cequel Communications, which does business as Suddenlink Communications, announced today that it has signed a definitive agreement to acquire NPG Cable, and its subsidiaries from News‐Press & Gazette for approximately $350m, subject to customary working-capital closing adjustments. Suddenlink expects to close the acquisition in the first quarter of 2011 and currently has sufficient existing liquidity sources to fund the transaction. 

NPG’s cable systems serve approximately 83,000 customers, representing approximately 210,000 revenue generating units or RGUs, with operations in St. Joseph, Mo.; Mammoth Lakes, Calif.; and several, clustered Arizona communities, including Flagstaff and Sedona, Lake Havasu and Kingman. Suddenlink has operations in Maryville, Mo., and Bishop, Calif., which are proximate to NPG’s cable systems in St. Joseph and Mammoth Lakes, respectively. Suddenlink officials said there is an opportunity to interconnect those properties after the acquisition closes.