Consolidated Communications To Be Acquired By Affiliates Of Searchlight, And BCI

(RTTNews) - Consolidated Communications Holdings, Inc. (CNSL) has entered into a definitive agreement to be acquired by affiliates of Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation in an all-cash deal with an enterprise value of approximately $3.1 billion, including the assumption of debt. The proposed transaction will result in Consolidated Communications becoming a private company.

Searchlight is currently the beneficial owner of approximately 34% of Consolidated Communications' outstanding shares of common stock. Searchlight and BCI will acquire all of the consolidated common stock not already owned by Searchlight for $4.70 per share.

Also, Consolidated has entered into an amendment to its credit agreement, which provides for interim financial covenant relief by increasing the maximum consolidated first lien leverage ratio permitted under the credit agreement.