Press release

Cable ONE Announces Launch of Syndication of New Credit Facilities

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Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable ONE”) today
announced that it has launched the syndication of a new $350 million
senior secured revolving credit facility (the “Revolving Credit
Facility”), a new $250 million senior secured term loan A facility (the
“Term Loan A”) and a new $450 million senior secured delayed draw term
loan A facility (the “Delayed Draw Term Loan A” and, together with the
Revolving Credit Facility and the Term Loan A, the “New Credit
Facilities”). The New Credit Facilities are expected to mature five
years after the closing date of the financing, and the Delayed Draw Term
Loan A is expected to be available to be drawn at any time during the
first nine months following the closing date of the financing.

The Company intends to apply the proceeds of the New Credit Facilities,
together with cash on hand and borrowings under its previously
established $325 million senior secured delayed draw term loan “B-3”
facility, to refinance its existing senior secured revolving credit
facility and senior secured term loan A facility, redeem its outstanding
5.75% senior unsecured notes due 2022 (the “Notes”) on or after June 15,
2019 when the call premium steps down, finance the Company’s pending
acquisition of Fidelity Communications Co.’s data, video and voice
business and certain related assets (collectively, “Fidelity”) and for
other general corporate purposes. This press release is not, and shall
not be deemed to be, a notice of optional redemption of the Notes.

The effectiveness of the New Credit Facilities and the terms thereof,
including principal amounts and interest rates, are subject to market
conditions and other factors outside of the Company’s control.

J.P. Morgan is acting as lead arranger on the transaction.

About Cable ONE

Cable One, Inc. (NYSE: CABO) is a leading broadband communications
provider serving more than 800,000 residential and business customers in
21 states. Cable ONE provides consumers with a wide array of
connectivity and entertainment services, including high-speed internet
and advanced Wi-Fi solutions, cable television and phone service. Cable
ONE Business provides scalable and cost-effective products for
businesses ranging in size from small to mid-market, in addition to
enterprise, wholesale and carrier customers.


This communication may contain “forward-looking statements” that involve
risks and uncertainties. These statements can be identified by the fact
that they do not relate strictly to historical or current facts, but
rather are based on current expectations, estimates, assumptions and
projections about the Company’s industry, business, financial results
and financial condition. Forward-looking statements often include words
such as “will,” “should,” “anticipates,” “estimates,” “expects,”
“projects,” “intends,” “plans,” “believes” and words and terms of
similar substance in connection with discussions of future operating or
financial performance. As with any projection or forecast,
forward-looking statements are inherently susceptible to uncertainty and
changes in circumstances. The Company’s actual results may vary
materially from those expressed or implied in its forward-looking
statements. Accordingly, undue reliance should not be placed on any
forward-looking statement made by the Company or on its behalf.
Important factors that could cause the Company’s actual results to
differ materially from those in its forward-looking statements include
government regulation, economic, strategic, political and social
conditions and the following factors:

  • risks regarding the failure to obtain the New Credit Facilities;
  • uncertainties as to the timing of the acquisition of Fidelity and the
    risk that the transaction may not be completed in a timely manner or
    at all;
  • the possibility that any or all of the various conditions to the
    consummation of the acquisition of Fidelity may not be satisfied or
    waived, including failure to receive any required regulatory approvals
    (or any conditions, limitations or restrictions placed in connection
    with such approvals);
  • the effect of the announcement or pendency of the Fidelity transaction
    on the Company’s and Fidelity’s ability to retain and hire key
    personnel and to maintain relationships with customers, suppliers and
    other business partners;
  • risks related to diverting management’s attention from the Company’s
    ongoing business operations;
  • uncertainties as to the Company’s ability and the amount of time
    necessary to realize the expected synergies and other benefits of the
    Fidelity transaction;
  • the Company’s ability to integrate Fidelity’s operations into its own;
  • rising levels of competition from historical and new entrants in the
    Company’s markets;
  • recent and future changes in technology;
  • the Company’s ability to continue to grow its business services
  • increases in programming costs and retransmission fees;
  • the Company’s ability to obtain hardware, software and operational
    support from vendors;
  • the effects of any new significant acquisitions by the Company;
  • risks that the Company’s rebranding may not produce the benefits
  • adverse economic conditions;
  • the integrity and security of the Company’s network and information
  • the impact of possible security breaches and other disruptions,
    including cyber-attacks;
  • the Company’s failure to obtain necessary intellectual and proprietary
    rights to operate its business and the risk of intellectual property
    claims and litigation against the Company;
  • the Company’s ability to retain key employees;
  • legislative or regulatory efforts to impose network neutrality and
    other new requirements on the Company’s data services;
  • additional regulation of the Company’s video and voice services;
  • the Company’s ability to renew cable system franchises;
  • increases in pole attachment costs;
  • changes in local governmental franchising authority and broadcast
    carriage regulations;
  • the potential adverse effect of the Company’s level of indebtedness on
    its business, financial condition or results of operations and cash
  • the possibility that interest rates will rise, causing the Company’s
    obligations to service its variable rate indebtedness to increase
  • the Company’s ability to incur future indebtedness;
  • fluctuations in the Company’s stock price;
  • the Company’s ability to continue to pay dividends;
  • dilution from equity awards and potential stock issuances in
    connection with acquisitions;
  • provisions in the Company’s charter, by-laws and Delaware law that
    could discourage takeovers; and
  • the other risks and uncertainties detailed from time to time in the
    Company’s filings with the SEC, including but not limited to its
    latest Annual Report on Form 10-K as filed with the SEC.

Any forward-looking statements made by the Company in this communication
speak only as of the date on which they are made. The Company is under
no obligation, and expressly disclaims any obligation, except as
required by law, to update or alter its forward-looking statements,
whether as a result of new information, subsequent events or otherwise.