PHOENIX--(BUSINESS WIRE)--Cable One, Inc. (NYSE: CABO) today announced that its lenders have approved a reduction to the interest rate on the Company's $500 million Term Loan B Credit Facility.
Under the transaction, the interest rate on the Company’s Term Loan B Credit Facility was reduced by 0.50%, moving from a rate of LIBOR plus a margin of 2.25% to a rate of LIBOR plus a margin of 1.75%. Excluding the costs of the transaction, the lower interest rate will save the Company approximately $2.5 million annually in interest costs.
All other material terms and provisions of the Term Loan B Credit Facility remain substantially the same. Additional details on the above described amendment are set forth in a Current Report on Form 8-K that was filed with the Securities and Exchange Commission today.
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About Cable ONE
Cable One, Inc. (NYSE: CABO) is among the 10 largest cable companies in the United States and a leading broadband communications provider. Serving nearly 800,000 residential and business customers in 21 states, Cable ONE provides consumers with a wide array of communications and entertainment services, including high-speed internet and advanced Wi-Fi solutions, cable television and phone service. Cable ONE Business provides scalable and cost-effective products for businesses ranging in size from small to mid-market, in addition to enterprise, wholesale and carrier customers.