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Cable One seeks to bolster war chest with $400M stock offering

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Posted at 9:16 AM, May 19, 2020
and last updated 2020-05-19 12:16:42-04

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.

Read more from the Phoenix Business Journal.