WOW! Closes on $200 Million New Senior Term Loan

ENGLEWOOD, Colo., Oct. 15, 2024 /PRNewswire/ -- WOW! Internet, TV & Phone (NYSE: WOW), a leading broadband services provider, today announced WideOpenWest Finance, LLC, a subsidiary of WOW!, has closed on a new super-priority credit agreement consisting of a new Senior Term Loan in an aggregate principal amount of $200 million, with a group of existing lenders. The super-priority credit agreement will mature in December 2028 and bear interest at a rate equal to SOFR plus 7.00% and have priority over WOW!'s existing credit facility.

The credit agreement further provides that term loan lenders under the existing credit facility that fund their pro rata share of the Senior Term Loan, will be entitled to exchange their existing term loan commitments under the existing credit agreement into the super-priority credit agreement at various interest rates.

"Today's announcement of additional liquidity puts WOW! in a strong position to re-accelerate our fiber Greenfield strategy," said Teresa Elder, WOW! CEO. "Since 2022, we have successfully brought our high-speed fiber network to a number of new communities as we continue to work toward our goal of 400,000 homes passed over the next few years."

Honigman LLP and Wachtell, Lipton, Rosen & Katz served as legal counsel, and PJT Partners served as financial advisor to WOW!, in connection with this transaction. 

FTI served as financial advisor and Gibson, Dunn & Crutcher LLP served as legal counsel to an ad hoc group of the term lenders.

About WOW! Internet, TV & Phone
WOW! is one of the nation's leading broadband providers, with an efficient and high-performing network that passes nearly 2 million residential, business and wholesale consumers. WOW! provides services in 16 markets, primarily in the Midwest and Southeast, including Michigan, Alabama, Tennessee, South Carolina, Georgia and Florida, including the new all-fiber networks in Central Florida and Greenville County, South Carolina. With an expansive portfolio of advanced services, including high-speed Internet services, cable TV, home phone, mobile phone, business data, voice, and cloud services, the company is dedicated to providing outstanding service at affordable prices. WOW! also serves as a leader in exceptional human resources practices, having been recognized 11 times by the National Association for Business Resources as a Best & Brightest Company to Work For in the Nation, winning the award for the last seven consecutive years and making the 2022 Top 101 National Winners list. Visit wowway.com for more information.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release that are not historical facts contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These forward-looking statements represent our goals, beliefs, plans and expectations about our prospects for the future and other future events. Forward-looking statements include all statements that are not historical fact and can be identified by terms such as "may," "intend," "might," "will," "should," "could," "would," "anticipate," "expect," "believe," "estimate," "plan," "project," "predict," "potential," or the negative of these terms. Although these forward-looking statements reflect our good-faith belief and reasonable judgment based on current information, these statements are qualified by important factors, many of which are beyond our control that could cause our actual results to differ materially from those in the forward-looking statements. These factors and other risks that could cause our actual results to differ materially are set forth in the section entitled "Risk Factors" in our Annual Report filed on Form 10-K with the Securities and Exchange Commission ("SEC") and other reports subsequently filed with the SEC and also include the following factors: our ability to execute our Greenfield strategy and maintain compliance with the covenants in our Senior Term Loan. Given these uncertainties, you should not place undue reliance on any such forward-looking statements. The forward-looking statements included in this presentation are made as of the date hereof or the date specified herein, based on information available to us as of such date. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.