Mediacom commits to lower maximum leverage
Rocco B. Commisso, the founder, Chairman and CEO of Mediacom Communications Corporation, has issued the following statement:
“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.”
