Loan & DebtJun 22, 2026, 08:46 AM
Cable One Offers to Exchange MBI Term Loans for Cash & New Loans
AI Summary
Cable One, Inc. has initiated an offer to exchange outstanding senior secured term loans of Mega Broadband Investments Holdings LLC (MBI Term Loans). The offer allows MBI Lenders to exchange their existing loans for a combination of cash, new first lien "first out" term loans (New FLFO Term Loans), and new first lien "second out" term loans (New FLSO Term Loans) issued by Cable One. The specific consideration received will depend on the level and timing of lender participation, with early participants potentially receiving more cash and FLFO loans. The new Cable One term loans are expected to be secured by substantially all of the company's assets.
Key Highlights
- Cable One commenced an offer to exchange MBI Term Loans for cash and new term loans.
- MBI Lenders can exchange existing MBI Term Loans for cash, New FLFO Term Loans, and New FLSO Term Loans.
- Early Participating Lenders may receive up to 50% cash and 50% New FLFO Term Loans.
- Late Participating Lenders or those exceeding early caps will primarily receive New FLSO Term Loans.
- New CABO Term Loans are expected to be secured on a first-priority lien basis by Cable One's assets.
- Participating Lenders irrevocably consent to an amendment to the MBI Credit Agreement.
- A commitment fee of 0.05% of the aggregate principal amount of Exchange Eligible Term Loans will be paid to participating lenders.
Price Impact
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