Mediacom operating division pays up bond debt, stops reporting to SEC

Mediacom
Mediacom has made SEC filings for both Mediacom LLC and Mediacom Broadband LLC since founder, chairman and CEO Rocco Commisso took the company private in 2011.

One of Mediacom’s two operating units, Mediacom LLC, has repaid the last of its remaining bonds and has stopped making reports to the Securities and Exchange Commission.

According to Jack Griffin, VP of corporate finance for the New York-based cable operator, Mediacom LLC repaid the last of its remaining bonds in February, leaving only private banking debt to be repaid.

“We still have bonds at Mediacom Broadband, and will continue to file with the SEC for that silo as long as they remain outstanding,” Griffin said. 

RELATED: Commisso ups his offer and gets to take Mediacom private

Mediacom has made SEC filings for both Mediacom LLC and Mediacom Broadband LLC since founder, chairman and CEO Rocco Commisso took the company private in 2011 with a $600 million transaction, pursuant to terms of the company’s bond debt. 

Like other mid-sized cable operators, Mediacom has continued to post strong revenue performances in the areas of high-speed internet and business services, with overall revenue increasing by 4% in the first quarter to $462.7 million. 

In the first quarter, free cash flow across the company’s two divisions was $68.2 million, compared to $59.1 million in the prior year period.

RELATED: Mediacom grows revenue 4% in Q1 on surging broadband, business services sectors

High-speed internet revenue spiked 12.9% in the quarter across the operator’s two divisions, with its broadband customer base increasing by 17,000 during the period, compared to 29,000 in the first quarter of 2016.

Revenue from business services was up 7.6% to nearly $60 million.

HSI and business services also drove a 5.2% revenue increase for Mediacom in the fourth quarter.