Cable One / CABO

At December 31, 2025, Cable One reported approximately 45% ownership of MBI with a USD 386.4 million carrying value, approximately 57% ownership of unconsolidated Clearwave Fiber, and a below-10% interest in Point Broadband Holdings with a USD 42.6 million carrying value.S4

The GTCR investors exercised their put option on 2 January 2026 over the approximately 55% of MBI not already owned by Cable One. On 3 January, Cable One agreed to acquire those interests for an estimated USD 475 million to USD 495 million. Cable One expected MBI to have approximately USD 845 million to USD 895 million of net debt in term loans maturing in November 2027 and expected the transaction to close on 1 October 2026, subject to stated conditions.S5S6

Holders of approximately 34.0% of outstanding MBI term loans accepted Cable One's exchange offer by the 23 June 2026 deadline. On 8 July, Cable One said it was considering not completing the exchange and instead leaving MBI's senior secured term loans in place without new credit support from Cable One, its existing subsidiaries or their assets if the remaining MBI equity acquisition closes.S7S8

Cable One's preliminary estimates as of 30 June 2026 were USD 166.2 million of cash, USD 2.208 billion of secured term loan and revolver borrowings, USD 847.6 million of unsecured bonds due in 2028 and 2030, and USD 3.058 billion of gross debt. Gross debt less cash was approximately USD 2.892 billion. The estimates remained subject to completion of the second-quarter close.S9S10

The senior credit facilities carry facility-specific SOFR or base-rate margins and are guaranteed by Cable One's wholly owned subsidiaries and secured, subject to exceptions, by substantially all assets of Cable One and the guarantors. The quarterly maintenance tests cap total net leverage at 5.00x, rising to 5.50x for four quarters after the MBI put-option closing, and first-lien net leverage at 4.25x.S11S12

At 31 December 2025, Cable One reported term loans with a USD 1.707 billion carrying amount and USD 1.642 billion fair value, senior notes with a USD 582.0 million carrying amount and USD 448.9 million fair value, and convertible notes with a USD 920.0 million carrying amount and USD 849.3 million fair value. The revolving facility had no carrying amount.S13

In the first quarter of 2026, revenue and Adjusted EBITDA declined year on year, while net income and operating cash flow increased and capital expenditure decreased. Adjusted EBITDA is Cable One's non-GAAP measure.S14S15

At March 31, 2026, residential and business data PSUs were down 6.1% and 1.3% year on year, respectively.S16