Mediacom says price range for IPO is now $16-$19
WASHINGTON, Jan 13 (Reuters) - The projected price range for Mediacom Communications Corp.'s initial public offering of 20 million class A common shares was revised to $16 to $19 a share from $15 to $20, the big cable operator said on Thursday.
Mediacom, the No. 9 U.S. cable operator, said it expects IPO proceeds of about $327 million, which it plans to use to repay debt under subsidiary credit facilities. As of Jan. 10, the company had $816 million of outstanding debt under the facilities, Mediacom said.
The company, based in Middletown, N.Y., disclosed the revised price range in a filing with the Securities and Exchange Commission.
The company's cable systems pass about 1.1 million homes and serve 744,000 basic subscribers.
Mediacom, founded in July 1995 to acquire and develop cable television systems serving mainly non-metropolitan U.S. markets, has several acquisitions pending.
It has applied to trade its IPO shares on Nasdaq under the symbol ``MCCC' (NasdaqSC:MCCC - news). |
