Cox secures new bank credit facility

By Susan Rush
from CED Broadband Direct, July 12, 2002

Cabler Cox Communications Inc. has secured a new bank credit facility that will enable it to maintain its liquidity position, the company said Friday.

The $1.1 billion, 364-day revolving bank credit facility replaces an existing mature facility. This credit facility, along with an existing $900 million facility maturing in 2005, allows the company to maintain its liquidity position. Both facilities may be used for general corporate purposes.

The $1.1 billion facility includes a maximum leverage covenant of five times and minimum interest coverage of two times. The credit facility, which includes a two-year term-out option, was arranged through a syndicate of 23 financial institutions that provided $1.4 billion in commitments.

JP Morgan Chase, Bank of America and Wachovia Bank acted as agents for the credit facility.