ARLINGTON, Va., Dec. 7 /PRNewswire-FirstCall/ -- MCG Capital Corporation today announced an investment in Avenue Broadband Communications, Inc., a cable services provider. MCG participated in the debt and equity financing of Avenue Broadband. Avenue Broadband acquired cable television systems that serve approximately 40,000 analog video customers, representing 60,000 revenue generating units in Indiana and Illinois from Charter Communications, Inc.
"We are delighted that this acquisition is complete," said Kay Monigold, Chief Executive Officer of Avenue Broadband. "We have planned an upgrade program that will bring advanced services to most of these communities. We will be launching High Definition Television and Digital Video Recorders in Vincennes, Westville, Brazil and Paris over the next several weeks and will continue to roll out these services, including high speed Internet, in other communities that we serve shortly thereafter."
Robert Marcotte, Managing Director at MCG Capital, said, "We are excited about our investment in Avenue Broadband. Avenue represents an unusual combination of attractive systems, close geographic proximity and a very experienced cable management team. These are also important considerations in supporting the capital investment for the system upgrade and Avenue's ability to support the successful launch of new services within its local communities."
Senior financing for the acquisition was provided by CoBank ACB, Wells Fargo Foothill and First Commonwealth Bank.
About MCG Capital Corporation
MCG Capital Corporation is a solutions-focused commercial finance company providing capital and advisory services to middle market companies throughout the United States. Our investment objective is to achieve current income and capital gains. Our capital is generally used by our portfolio companies to finance acquisitions, recapitalizations, buyouts, organic growth, and working capital. For more information, please visit http://www.mcgcapital.com/.
About Avenue Broadband Communications, Inc.
Avenue Broadband Communications, Inc. is a cable services provider offering video and high speed Internet services to local communities in Indiana and Illinois. Avenue is dedicated to bringing advanced services to the communities it serves, while maintaining its high quality standards and customer care. For more information, please visit http://www.avenuebroadband.com/.
