Paul Hastings Represents Cequel III, LLC and Cequel Communications in Acquisition of Cox Communications, Inc.
New York, NY (May 15, 2006) – Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, represented and advised Cequel III, LLC, a St. Louis-based cable and telecommunications management firm and Cequel Communications LLC, a cable television multiple systems operator, in the purchase and equity and debt financing of cable television systems purchased from Cox Communications, Inc. The deal closed on May 5, 2006.
Under the agreement, Cequel Communications, a company managed by Cequel III, will become the eighth largest cable operator in the country, serving more than 1.3 million customers. Cox cable television systems, which serve approximately 940,000 basic cable subscribers, includes cable television systems in West Texas, North Carolina, Louisiana, Arkansas and California.
The Paul Hastings team was led by New York partners Dan Bergstein, Barry Brooks, Leslie Plaskon and Joe Opich, together with Kathleen Currey, as well as associates Glenn Schoenfeld, Richard Denhup, Doug Park, Ayesha Khan, Brian Powers and Jonathan Perle.
The financing transactions were comprised of a (i) $2.3 billion senior facility, including a $2.1 billion term loan and a $200 million revolving credit facility, (ii) a $280 million term loan to finance the acquisition of specific cable systems and related assets, and (iii) a $675 million second lien facility.
Corporate Practice: Paul Hastings’ corporate practice has more than 400 attorneys in 17 offices around the world who serve clients in globally coordinated, multidisciplinary teams. Our corporate department is the largest in the firm and continues to grow, not only in number of deals and revenue volume, but in the scope of services we offer.
About Cequel III LLC: Cequel III manages telecommunications and cable properties that have solid cash flow and growth potential, offering platforms for future acquisition and industry consolidation.
About Cequel Communications.: Cequel Communications is a major operator of cable TV systems, providing basic cable, digital cable and high-speed internet services. The company will serve approximately 1.3 million customers in more than 20 states.
Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with 1,000 attorneys in 17 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.
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