Mediacom Communications Corporation (Nasdaq: MCCC) and its subsidiaries
Mediacom LLC and Mediacom Capital Corporation (together, the
"Companies") today announced that they have early accepted all 91/2%
Senior Notes due 2013 (the "91/2% Notes") and 7a...% Senior Notes due 2011
(the "7a...% Notes" and, together with the 91/2% Notes, the "Notes") tendered
in the tender offers for those Notes as of 5:00 p.m., New York City
time, on August 24, 2009, which was the Early Tender Date for the tender
offers. As of the Early Tender Date, holders of $385.2 million aggregate
principal amount of 91/2% Notes and $63.6 million aggregate principal
amount of 7a...% Notes had validly tendered (and not withdrawn) their
Notes. This represents approximately 77% and 51% of the outstanding
principal amount of the 91/2% Notes and 7a...% Notes, respectively. The
settlement date for the accepted Notes is today, August 25, 2009.
It was further announced that all conditions to the acceptance of
further tenders of Notes in the tender offers have been waived. In
accordance with the terms of the tender offers, Notes that are tendered
after the Early Tender Date may not be withdrawn.
The tender offers are scheduled to expire at 11:59 p.m., New York City
time, on September 8, 2009, unless either such tender offer is extended
(the "Expiration Date"). Holders of 91/2% Notes who validly tender their
Notes after the Early Tender Date but on or prior to the Expiration Date
will be entitled to receive $982.50 per $1,000 principal amount tendered
and accepted for purchase, plus accrued and unpaid interest to, but not
including, the payment date for such Notes. Holders of 7a...% Notes who
validly tender their Notes after the Early Tender Date but on or prior
to the Expiration Date will be entitled to receive $980.00 per $1,000
principal amount tendered and accepted for purchase, plus accrued and
unpaid interest to, but not including, the payment date for such Notes.
The Companies will accept and purchase all Notes validly tendered after
the Early Tender Date and prior to the Expiration Date.
In addition, the Companies announced the call for redemption of the
entire principal amount of both its 91/2% Notes and 7a...% Notes that remain
outstanding following the expiration of the tender offers. The
redemption date for both series of Notes has been set for September 24,
2009. In accordance with the redemption provisions of the Notes and the
related indentures, the Notes will be redeemed at a price equal to 100%
of the principal amount, plus accrued and unpaid interest to, but not
including, the redemption date.
Wells Fargo Securities and Citi are acting as the dealer managers for
the tender offers, and Global Bondholder Services Corporation is acting
as the information agent and depositary. Copies of the offer to
purchase, as supplemented and related documents may be obtained from
Global Bondholder Services Corporation at (866) 873-7700. Questions
regarding the tender offers may be directed to Wells Fargo Securities at
(866) 309-6316 or Citi at (800) 558-3745.
This announcement does not constitute an offer to purchase or a
solicitation of any offer to sell with respect to the 91/2% Notes or the
7a...% Notes. The tender offers are being made solely by the Offer to
Purchase, dated August 11, 2009, as amended and supplemented by the
Supplement to the Offer to Purchase, dated August 13, 2009, and the
related Letter of Transmittal, copies of which are available from the
Information Agent.
About Mediacom Communications Corporation
Mediacom Communications is the nation's eighth largest cable television
company and one of the leading cable operators focused on serving the
smaller cities and towns in the United States. Mediacom Communications
offers a wide array of broadband products and services, including
traditional video services, digital television, video-on-demand, digital
video recorders, high-definition television, high-speed data access and
phone service. More information about Mediacom Communications can be
accessed on the Internet at: www.mediacomcc.com.
Forward Looking Statements
In this press release, we state our beliefs of future events and of our
future financial performance. In some cases, you can identify those
so-called "forward-looking statements" by words such as "anticipates,"
"believes," "continue," "estimates," "expects," "may," "plans,"
"potential," "predicts," "should" or "will," or the negative of those
words and other comparable words. These forward-looking statements are
subject to risks and uncertainties that could cause actual results to
differ materially from historical results or those we anticipate, many
of which are beyond our control. Factors that could cause actual results
to differ from those contained in the forward-looking statements
include, but are not limited to: competition for video, high-speed data
and phone customers; our ability to achieve anticipated customer and
revenue growth and to successfully introduce new products and services;
greater than anticipated effects of economic downturns and other factors
which may negatively affect our customers' demand for our products and
services; increasing programming costs and delivery expenses related to
our products and services; changes in consumer preferences, laws and
regulations or technology that may cause us to change our operational
strategies; changes in assumptions underlying our critical accounting
polices which could impact our results; fluctuations in short term
interest rates which may cause our interest expense to vary from quarter
to quarter; our ability to generate sufficient cash flow to meet our
debt service obligations; instability in the credit markets, which may
impact our ability to refinance our debt in the same amounts and on the
same, or similar, terms as we currently experience; and the other risks
and uncertainties discussed in this press release, in our Annual Report
on Form 10-K for the year ended December 31, 2008 and other reports or
documents that we file from time to time with the SEC. Statements
included in this press release are based upon information known to us as
of the date that this press release is filed with the SEC, and we assume
no obligation to update or alter our forward-looking statements made in
this press release, whether as a result of new information, future
events or otherwise, except as required by applicable federal securities
laws.
SOURCE: Mediacom Communications Corporation
Mediacom Communications Corporation
Investor Relations
Calvin Craib, 845-695-2675
Senior Vice President,
Corporate Finance
or
Media Relations
Thomas Larsen, 845-695-2754
Vice President,
Legal and Public Affairs