EX-99.1
25
ex99_1.htm
EXHIBIT 99.1
Unassociated Document
Exhibit 99.1
FOR
IMMEDIATE RELEASE
Media
Contact:
Kay
Stroman, Grande Communications Networks
LLC
(512)
878-5221
kay.stroman@corp.grandecom.com
RECAPITALIZATON
OF GRANDE COMMUNICATIONS
SAN
MARCOS, Texas - September 15, 2009 - Grande Communications Holdings, Inc.
announced today that the recapitalization of its wholly-owned subsidiary and
operating company, Grande Communications Networks LLC, successor in interest to
Grande Communications Networks, Inc. ("Grande Communications"), has been
completed. Grande Communications will now be owned indirectly
by a newly formed partnership in which a fund managed by ABRY Partners, LLC
("ABRY") owns a controlling interest. Grande Communications Holdings,
Inc. will hold an indirect minority interest in Grande
Communications. As part of the transaction, Grande Communications
will be managed by Atlantic Broadband Finance, LLC, an existing portfolio
company of ABRY, whose management team includes several cable industry
veterans.
In
connection with the transaction, the 14% Senior Secured Notes due 2011 of Grande
Communications Holdings, Inc., which were guaranteed by Grande Communications,
were repurchased or called for redemption. The transaction was
financed through a combination of equity financing from a fund managed by ABRY
and certain affiliated entities and Grande Communications' new credit facility
under its credit agreement with Société Générale as administrative
agent.
Scott
Ferguson, Grande's Vice President of Operations, said the additional capital
will allow continued investment in its operations as well as future growth.
"This is tremendous news for Grande's employees and its customers. The infusion
of new capital, combined with Atlantic Broadband's management depth, is a great
step forward for Grande".
Matt
Murphy, formerly Atlantic Broadband's Senior Vice President for Corporate
Development, has been named President of Grande Communications. Murphy will be
responsible for oversight and management of Grande's operational performance and
strategic direction of its growth efforts. He commented, "I am very
excited to become a part of the Grande team. Grande has a terrific
history of performance and I see a great opportunity to help take it to the next
level. The Atlantic team and I are very eager to help support the
company's people, networks and loyal customer base".
About Grande Communications
(
www.grandecom.com
)
Headquartered
in San Marcos, Texas, Grande Communications delivers high-speed Internet, local
and long-distance telephone and digital cable over its own advanced network to
communities in Texas. Grande's bundled service area includes portions of Austin,
Corpus Christi, suburban northwest Dallas, Midland, Odessa, San Antonio, San
Marcos and Waco.
About
ABRY
Based in
Boston, Massachusetts, ABRY Partners enjoys a position as one of the most
experienced and successful media and communications focused private equity
investment firms in North America. Since 1989, ABRY Partners has completed over
$21 billion of leveraged transactions and other private equity and mezzanine
investments, representing investments in more than 500 media and communications
properties.
About
Atlantic Broadband
Atlantic
Broadband is the 15th largest cable operator in the United States. The privately
held company is headquartered in Quincy, Massachusetts, with over 700 employees
and 286,000 customers located in four operating regions: central Pennsylvania,
Miami Beach, Maryland/Delaware, and Aiken, SC. Additional information is
available at www.atlanticbb.com.
Safe Harbor Statement Under
The Private Securities Litigation Reform Act of 1995
This
press release may contain forward-looking statements relating to Grande
Communications operations that are based on its current expectations, estimates
and projections. Words such as "anticipates", "expects", "intends", "plans,"
"projects", "believes", "estimates", and similar expressions are used to
identify these forward-looking statements. These statements are not guarantees
of future performance and involve risks, uncertainties and assumptions that are
difficult to predict and could cause actual results and outcomes to be
materially different. Such risks and uncertainties include those listed under
the caption "Risk Factors" in Grande Communications Holding's Annual Report on
Form 10-K for the year ended December 31, 2008 filed with the Securities and
Exchange Commission and Grande's Quarterly Reports on Form 10-Q filed with the
SEC after such 10-K. Forward-looking statements are based upon assumptions as to
future events that may not prove to be accurate. Actual outcomes and results may
differ materially from what is expressed or forecasted in these forward-looking
statements. As a result, these statements speak only as of the date they were
made and Grande Communications Holdings, Inc. undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
# #
#

EX - 99 . 1 25 ex99 _ 1 . htm EXHIBIT 99 . 1 Un associated Document Exhibit 99 . 1 FOR IMMEDIATE RELEASE Media Contact : Kay Stroman , Grande Communications Networks LLC ( 512 ) 878 - 5221 kay.stroman@corp.grandecom.com RECAPITALIZATON OF GRANDE COMMUNICATIONS SAN MARCOS , Texas - September 15 , 2009 - Grande Communications Holdings , Inc . announced today that the recapitalization of its wholly - owned subsidiary and operating company , Grande Communications Networks LLC , successor in interest to Grande Communications Networks , Inc . ( " Grande Communications " ) , has been completed . Grande Communications will now be owned indirectly by a newly formed partnership in which a fund managed by ABRY Partners , LLC ( " ABRY " ) owns a controlling interest . Grande Communications Holdings , Inc . will hold an indirect minority interest in Grande Communications . As part of the transaction , Grande Communications will be managed by Atlantic Broadband Finance , LLC , an existing portfolio company of ABRY , whose management team includes several cable industry veterans . In connection with the transaction , the 14 % Senior Secured Notes due 2011 of Grande Communications Holdings , Inc . , which were guaranteed by Grande Communications , were repurchased or called for redemption . The transaction was financed through a combination of equity financing from a fund managed by ABRY and certain affiliated entities and Grande Communications ' new credit facility under its credit agreement with Société Générale as administrative agent . Scott Ferguson , Grande 's Vice President of Operations , said the additional capital will allow continued investment in its operations as well as future growth . " This is tremendous news for Grande 's employees and its customers . The infusion of new capital , combined with Atlantic Broadband 's management depth , is a great step forward for Grande " . Matt Murphy , formerly Atlantic Broadband 's Senior Vice President for Corporate Development , has been named President of Grande Communications . Murphy will be responsible for oversight and management of Grande 's operational performance and strategic direction of its growth efforts . He commented , " I am very excited to become a part of the Grande team . Grande has a terrific history of performance and I see a great opportunity to help take it to the next level . The Atlantic team and I are very eager to help support the company 's people , networks and loyal customer base " . About Grande Communications ( www.grandecom.com ) Headquartered in San Marcos , Texas , Grande Communications delivers high - speed Internet , local and long - distance telephone and digital cable over its own advanced network to communities in Texas . Grande 's bundled service area includes portions of Austin , Corpus Christi , suburban northwest Dallas , Midland , Odessa , San Antonio , San Marcos and Waco . About ABRY Based in Boston , Massachusetts , ABRY Partners enjoys a position as one of the most experienced and successful media and communications focused private equity investment firms in North America . Since 1989 , ABRY Partners has completed over $ 21 billion of leveraged transactions and other private equity and mezzanine investments , representing investments in more than 500 media and communications properties . About Atlantic Broadband Atlantic Broadband is the 15th largest cable operator in the United States . The privately held company is headquartered in Quincy , Massachusetts , with over 700 employees and 286,000 customers located in four operating regions : central Pennsylvania , Miami Beach , Maryland / Delaware , and Aiken , SC . Additional information is available at www.atlanticbb.com . Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995 This press release may contain forward - looking statements relating to Grande Communications operations that are based on its current expectations , estimates and projections . Words such as " anticipates " , " expects " , " intends " , " plans , " " projects " , " believes " , " estimates " , and similar expressions are used to identify these forward - looking statements . These statements are not guarantees of future performance and involve risks , uncertainties and assumptions that are difficult to predict and could cause actual results and outcomes to be materially different . Such risks and uncertainties include those listed under the caption " Risk Factors " in Grande Communications Holding 's Annual Report on Form 10 - K for the year ended December 31 , 2008 filed with the Securities and Exchange Commission and Grande 's Quarterly Reports on Form 10 - Q filed with the SEC after such 10 - K . Forward - looking statements are based upon assumptions as to future events that may not prove to be accurate . Actual outcomes and results may differ materially from what is expressed or forecasted in these forward - looking statements . As a result , these statements speak only as of the date they were made and Grande Communications Holdings , Inc . undertakes no obligation to publicly update or revise any forward - looking statements , whether as a result of new information , future events or otherwise . # # #
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