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Knology looks to renegotiate debt terms

Knology looks to renegotiate debt terms to improve balance sheet

  • On 3:17 pm EDT, Tuesday September 15, 2009

WEST POINT, Ga. (AP) -- Knology Inc. said Tuesday it is seeking new terms on some of its debt.

The telecommunications company said it wants an extension on a "certain amount" of maturities due under a term loan facility, an increase in the interest rate and an additional $10 million in loans, which would bring the total to $35 million.

It also wants the right to sell notes in order to refinance the existing loan facility.

In a statement, Knology President and Chief Financial Officer M. Todd Holt said, "We believe the current credit environment may allow us, in an efficient manner, to better manage the existing maturities and further improve our balance sheet."

The company's stock rose 6 cents to $7.94 in afternoon trading.

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