ENGLEWOOD, Colo., Dec. 2, 2021 /PRNewswire/ -- WOW! Internet,
Cable & Phone (NYSE: WOW), a leading broadband provider in
the United States, today announced
the company's credit rating has been upgraded to BB- by S&P
Global and B1 by Moody's Investors Service, respectively. The
upgrades, which are forward looking evaluations of a company's
credit risk, are primarily a result of WOW! using its net proceeds
from the divestiture of several of its service areas earlier this
year to pay down its existing debt.
On November 1, 2021, WOW!
announced the completion of the sale of its Chicago, Evansville,
Indiana, and Anne Arundel,
Maryland service areas to Radiate HoldCo, LLC, a
telecommunications holding company affiliated with RCN Telecom
Services, LLC, Grande Communications Networks, LLC and WaveDivision
Holdings, LLC (collectively "Astound Broadband") for $661 million. The completion of the Astound
Broadband transaction follows WOW!'s completed sale of its
Cleveland and Columbus, Ohio service areas to Atlantic
Broadband, announced in September
2021. Combined, the two transactions have generated gross
proceeds of $1.8 billion, enabling
WOW! to significantly lower its debt, strengthen the company's
financial position and accelerate its broadband-first strategy.
"We appreciate the recognition by both Moody's and S&P of
WOW!'s efforts to delever the business and continue to execute its
broadband first strategy," said John
Rego, WOW!'s CFO.
The stable outlook outlined by S&P Global and Moody's
indicates additional financial flexibility from WOW! to further
expand its service area footprint and support further broadband
subscriber growth.
About WOW! Internet, Cable & Phone
WOW! is one of
the nation's leading broadband providers, with an efficient,
high-performing network that passes 1.9 million residential,
business and wholesale consumers. WOW! provides services in 14
markets, primarily in the Midwest and Southeast, including
Michigan, Alabama, Tennessee, South
Carolina, Florida and
Georgia. With an expansive
portfolio of advanced services, including high-speed Internet
services, cable TV, 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 eight times by
the National Association for Business Resources as a Best &
Brightest Company to Work For, winning the award for the last four
consecutive years. Visit wowway.com for more information.
View original
content:https://www.prnewswire.com/news-releases/wideopenwest-inc-announces-upgrade-in-credit-rating-from-b-to-bb--and-b2-to-b1-outlook-is-stable-301436330.html
SOURCE WideOpenWest, Inc.