Cogeco Cable Inc. (CCA.TO: Quote) Wednesday announced a definitive agreement to acquire Atlantic Broadband for $1.36 billion.
Atlantic is privately owned by ABRY Partners IV, L.P. and Oak Hill Capital Partners, LP. Atlantic Broadband Group, LLC was formed in 2003. It operates certain cable systems in Pennsylvania, Florida, Maryland, Delaware and South Carolina.
Cogeco Cable intends to finance the transaction through a combination of cash on hand, a draw-down on its existing revolving term facility of about $550 million and $660 million of borrowings under committed non-recourse debt financing at Atlantic Broadband. The transaction is expected to close before the end of the calendar year.
Gleacher and Company Securities Inc. is acting as exclusive financial advisor. Bank of America Merrill Lynch is serving as sole lead arranger.
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by RTT Staff Writer
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