(Bloomberg) -- WideOpenWest Inc. is holding discussions with some lenders for a new loan that would give the cable company a cash boost, according to people familiar with the situation.
The Southeast-focused company is working with PJT Partners Inc. while a group of lenders coalesced with FTI Consulting Inc. and Gibson Dunn & Crutcher, said some of the people, who asked not to be identified as they’re not authorized to speak publicly.
Representatives with WideOpenWest, PJT and FTI declined to comment. Messages left with Gibson Dunn were not returned.
WideOpenWest received a non-binding acquisition proposal in May from a group that includes DigitalBridge and Crestview Partners, which holds 37% of WideOpenWest. Chief Executive Officer Teresa Elder said during an earnings call last month that the offer was being reviewed by independent directors. It was also disclosed then that WideOpenWest was exploring options to secure additional financing for expansion efforts.
The company had around $975 million of long-term debt as of June 30, including a $712 million first-lien term loan maturing in 2028. It’s quoted at about 86 cents on the dollar, down from nearly 92 cents in late May, according to data compiled by Bloomberg.
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