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Mediacom Commits to Lower Maximum Leverage
MEDIACOM PARK, N.Y.--(BUSINESS WIRE)--Rocco B. Commisso, the founder, Chairman and CEO of Mediacom Communications Corporation, issued the following statement today:
“As long-time participants in the capital markets since 1986, first at Cablevision Industries and then at Mediacom, we have completed over $25 billion of leveraged debt financings, and in all cases were always in full compliance with the underlying financial covenants and repayment terms and conditions. Largely because of this ‘perfect’ track record, we have rightfully earned the trust and tremendous support of the banking community and institutional investors over this 36-year period.
“Focusing on the last decade, Mediacom has rapidly de-risked its financial position, driven by tremendous growth in annual OIBDA and free cash flow, which fueled over $2.4 billion of net debt repayment. As a result, our net debt leverage has dramatically declined from 6.6 times after the Go-Private Transaction in March 2011 to 1.2 times as of year-end 2021, which is possibly the lowest in the media and telecommunications sectors. Going forward, I am confident in our capacity to manage an even more conservative investment-grade balance sheet. Consequently, I am pleased to inform our debt investors and rating agencies that Mediacom expects to maintain net debt leverage of no greater than 2.0 times for the foreseeable future.”
About Mediacom Communications
Mediacom Communications Corporation is the 5th largest cable operator in the United States and the leading gigabit broadband provider to smaller markets primarily in the Midwest and Southeast. Through its fiber-rich network, Mediacom provides high-speed data, video and phone services to 1.5 million households and businesses across 22 states. The company delivers scalable broadband solutions to commercial and public-sector customers of all sizes through Mediacom Business, and sells advertising and production services under the OnMedia brand. More information about Mediacom is available at www.mediacomcable.com.
Jack P. Griffin
Group Vice President,
Thomas J. Larsen
Senior Vice President,
Government and Public Relations