UPDATE 1: Cable One to Launch New High-Yield Bond Week of Dec. 1 to Refinance Convertible Notes Maturing in 2026

Tue Nov 25, 2025 03:55 PM ET: Broadband communications provider Cable One is preparing to launch a high-yield bond to refinance debt maturing in 2026 as soon as Dec. 1, according to sources.

Proceeds from the Truist-led bond will refinance Cable One’s roughly $575 million in convertible bonds maturing in March 2026, according to sources.

The structure of Cable One’s offering could be an unsecured note with a five-to-seven-year maturity and about a 9% yield, as reported, although terms could change, and feedback on that structure is mixed, sources cautioned.

One investor noted that timing on Cable One’s bond aligns with the company’s presentation at Bank of America’s Leveraged Finance Conference on Dec 2, allowing them to pitch to buyside participants.

Cable One’s potential bond deal was supposed to be brought to market a few months ago, according to Octus reporting, but did not gain much interest in the premarketing session.

One investor familiar with Cable One’s deal said they are skeptical of the credit, adding that the bond will likely need to be structured as a secured note with pricing wider than 9% to attract a sufficient number of investors.

Cable One’s existing 2030 unsecured bonds were last quoted at 77.24 to yield 9.91% today, Nov. 25, according to MarketAxxess.

Truist declined to comment. Cable One did not respond to a request for comment.

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Original Story 1:41 p.m. UTC on Nov. 20, 2025

Cable One Working With Truist on New HY Bond to Address Convertible Notes Maturing in 2026

Broadband communications provider Cable One is working with Truist on issuing a high-yield bond to refinance its convertible bonds maturing in 2026, according to sources.

The structure of Cable One’s offering could be an unsecured note with a five-to-seven-year maturity and about a 9% yield, although terms could change and feedback on that structure is mixed, sources cautioned.

Proceeds from the offering will be used to refinance Cable One’s roughly $575 million in convertible bonds maturing in March 2026, according to sources. The bond is expected to launch in the coming weeks, sources added.

One high-yield bond investor noted that Cable One tried to bring a deal to the market a few months ago but did not gain much interest from buy-side participants in the premarketing session.

The investor noted that Cable One could issue a secured note, yet it might be difficult considering they compete directly with AT&T’s fixed wireless internet.

Cable One’s existing 2030 unsecured bonds have fallen in price in the last six weeks, which has not helped momentum on the potential bond, the investor added. Its 2030 bonds were last quoted at 76.5 to yield 10.12% today compared with 83.902 to yield 7.89% on Oct. 9, according to MarketAxxess.

In Cable One’s recent third-quarter 2025 earnings, it disclosed that revenue declined 4.5% year over year to $376 million and adjusted EBITDA declined 5.5% year over year to $201.9 million. In its earnings press release, management attributed residential data subscriber losses to a combined impact of macroeconomic factors, competitive pressures, promotional rollouts and billing migration activities.

Cable One’s stock price was last quoted at $105.17 on the New York Stock Exchange, down from $143.42 on Nov. 5, the day before the company reported earnings.

Another investor noted that the broadband communication sector is also experiencing volatility due to concern from market participants over how AI might negatively affect companies in the sector. In recent months, investor AI fears have caused several deals in various sectors to stall or sweeten price talk, including Verint and Getty Images.

In May, S&P Global Ratings downgraded Cable One to BB- from BB. In its ratings note, S&P said that heightened fixed wireless and fiber-based services competition is negatively affecting the cable industry, and that Cable One’s limited product diversity makes it more susceptible to competitive pressures.

Cable One’s capital structure is shown below:

A list of Cable One’s CLO holders can be found in Octus’ CLO Database HERE. A list of Cable One’s BDC creditors can be found in Octus’ BDC Database HERE.

Truist declined to comment. Cable One did not respond to a request for comment.