Cable One gets $900 million bridge loan commitment to acquire Hargray

Chicago, Feb. 16 – Cable One, Inc. received a definitive bridge loan commitment for $900 million from JPMorgan and Credit Suisse to finance a portion of the purchase price of its acquisition of the equity interests of Hargray Acquisition Holdings, LLC that it does not already own, according to an 8-K filed with the Securities and Exchange Commission.

The entire transaction has a $2.2 billion total enterprise value.

Cable One is already a minority investor in Hargray, currently holding approximately 15% of the equity interests in the company.

Cable One plans to fund the purchase price through existing cash resources, revolving credit facility capacity and proceeds from new debt and/or equity capital.

Closing is expected in the second quarter of 2021, subject to regulatory approvals and customary closing conditions.

Credit Suisse acted as lead financial adviser to Cable One, and JPMorgan also acted as financial adviser to Cable One. Cravath, Swaine & Moore LLP acted as legal adviser to Cable One.

Cable One is a Phoenix-based broadband communications provider in 21 states. Hargray is a regional telecommunications company that provides internet, television and telephone communications services in South Carolina, Georgia, Alabama and Florida.

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