Cable One Nears $1.25B First-Lien Financing Deal, Shares Jump 15%
CABO sits 57% above its 52-week low of $9.9 on elevated volume (5.5× avg).
Summary
Cable One is close to raising about $1.25 billion via a first-lien term loan from new and existing lenders, according to a WSJ report. The stock jumped 15% to $15.20 midday Thursday, though it remains down about 87% year-to-date. This follows last week's disclosure of advanced financing talks with GTCR and other lenders, and the October 2 extension of the MBI acquisition closing date to October 9. The new financing would address liquidity needs after a $1.16 billion Q2 net loss and a $700 million revolver draw in September. The specific $1.25B amount and first-lien structure are new details beyond the prior advanced-talks report.
At the time of this announcement, CABO was trading at $15.51 on NYSE in the Trade & Services sector, with a market capitalization of approximately $88M. The 52-week trading range was $9.90 to $180.00. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.