Cable One Inc. said Monday it has started an underwritten public offering of $400 million of its common stock shares, possibly to pave the way for more strategic acquisitions.
In addition, Phoenix-based Cable One intends to grant underwriters an option for 30 days to purchase up to $60 million of additional shares.
Cable One provides internet and cable TV services mainly in smaller, rural markets.
In a regulatory filing, the company said it intends to use a portion of the net proceeds from the offering to repay outstanding debt, with the remainder to be used for general corporate purposes, which may include strategic acquisitions and investments.
