Paul Hastings Represents Cequel Communications in a $2.7 Billion Refinancing

February 15, 2012
New York, NY (February 15, 2012) - Paul Hastings LLP, a leading global law firm, announced today that the firm represented Cequel Communications, a cable-television and Internet-services provider that does business along with its subsidiaries as Suddenlink Communications, in a $2.7 billion refinancing of its existing credit facility.

The new credit facility consists of a $500 million revolver and a $2.2 billion term loan. Suddenlink expects to use the proceeds from the new credit facility to repay in full and terminate its existing credit facility and to make payments to its ultimate parent company, Cequel Communications Holdings (Cequel Holdings), of $370 million in March 2012, and up to an additional $70 million in May 2012. Cequel Holdings intends to use such distributions to repay a portion of the capital contributions made by holders of common units of Cequel Holdings and to make certain payments to holders of options and restricted units of Cequel Holdings.

Credit Suisse acted as administrative agent, collateral agent, joint lead arranger and joint book runner. Goldman Sachs Lending Partners LLC and J.P. Morgan acted as co-syndication agents, joint lead arrangers and joint bookrunners. BofA Merrill Lynch and Royal Bank of Canada acted as co-documentation agents. RBC Capital Markets and Merrill Lynch acted as joint lead arrangers and joint bookrunners. Citigroup, SunTrust Bank, UBS, Barclays Capital, GE Capital, Morgan Stanley, US Bank and Wells Fargo acted as joint bookrunners.

Leveraged finance partner Rick Denhup led the Paul Hastings team, which also included leverage finance associates Marc Bacigalupo and Heidi Spalholz.

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