ICCI Insight Communications CO CL A (MM)

Insight Communications Company, Inc. (NASDAQ: ICCI) today announced plans to refinance the existing $1.1 billion Term B loan under Insight Midwest's credit facility. In addition, Insight anticipates that the credit facility will be further amended, among other changes, to adjust the maximum total leverage ratio covenant. "This market opportunity would enable us to reduce our overall interest costs as well as ensure adequate liquidity under Insight Midwest's financial covenants," said John Abbot, senior vice president and CFO of Insight Communications. "The interest savings going forward would further enhance our strong free cash flow position. And importantly, the covenant adjustment would provide ample room for compliance under our financial covenants for the near future." The proposed transactions are subject to the completion of definitive documents and customary closing conditions. Closing is expected to occur within the next few weeks. Insight Communications (NASDAQ: ICCI) is the 9th largest cable operator in the United States, serving approximately 1.3 million customers in the four contiguous states of Illinois, Indiana, Ohio, and Kentucky. Insight specializes in offering bundled, state-of-the-art services in mid-sized communities, delivering analog and digital video, high-speed Internet, and voice telephony in selected markets to its customers. Any statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The words "expect," "anticipate" and other expressions that indicate future events and trends identify forward-looking statements. The above forward-looking statements are subject to risks and uncertainties and are subject to change based upon a variety of factors that could cause actual results to differ materially from those Insight Communications anticipates.