Mediacom Communications said it has completed the redemption of the entire balance of the $50 million outstanding principal amount of its senior notes due 2021. With the retirement of its public debt, Mediacom is no longer obligated to file quarterly financial statements publicly.
“I am proud to announce the repayment of Mediacom’s last remaining bonds,” Mediacom founder, chairman and CEO Rocco Commisso said in a press release. “Reaching this milestone is a testament to the investment grade quality of Mediacom’s financial position, highlighted by a total debt leverage ratio well below 3x and historically low average borrowing costs of 3.25%. Naturally, none of this would be possible without the hard work and dedication of Mediacom’s 4,500 employees, who have consistently produced excellent results, evidenced by the unique accomplishment of 91 consecutive quarters of year-over-year revenue growth.”
Mediacom, founded in 1995, filed for an initial public offering in 2000 and was publicly traded for more than a decade. In 2011, the company went private, claiming the public markets weren’t properly valuing cable operators. Although it was no longer publicly traded, the company did have public debt, which required it to make quarterly filings with the Securities and Exchange Commission. Once that debt is retired, that requirement no longer holds.
“I would like to extend my sincere appreciation to our long-term bondholders for their support and trust over my 33 years of raising debt capital in the ‘non-investment grade’ markets,” Commisso continued. “I am gratified to have returned the favor by delivering an unblemished credit performance over the decades. Equally important, our banks and institutional term loan investors under the Company’s existing credit facilities continue to benefit from solid asset coverage, ample levels of liquidity and Mediacom’s robust free cash flow generation.”
Mediacom last filed quarterly results in October -- its Q3 financials -- and reported revenue growth of 3.5% and cash flow growth of nearly 8%. The company said it may continue to issue quarterly press releases, but it is not required to do so.
