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Oklahoma business briefs for Aug. 6

Oklahoma business briefs for Aug. 6.
Oklahoman Published: August 6, 2014

Oklahoma briefs

Cox doubles Internet speeds

Cox Communications will be doubling the speeds for its most popular Cox High Speed Internet packages in Oklahoma City beginning Wednesday. Customers who subscribe to the company’s preferred package will see their top download speeds double to 50 megabits per second. Premier package will double to 100 megabits per second while ultimate tier speeds will increase to 150 megabits per second, up from 100 previously. The company previously has said it plans to offer Gigabit speeds to all customers by 2017. “Our customers tell us that speed matters,” said Marcia Sauzek, market leader of Cox Communications in Oklahoma City. “We know this is especially important in today’s connected world where more and more devices are connected through in-home WiFi networks.”

American Energy closes deals

American Energy-Utica LLC, an affiliate of Oklahoma City-based American Energy Partners LP, said Tuesday it has closed on its purchase of about 27,000 net acres of leasehold in Monroe County, Ohio, from East Resources Inc. and an unnamed private company for $475 million. The deal was partially financed by issuing $250 million of convertible subordinated notes to the sellers, with the balance paid using available cash. Since its inception in September, American Energy-Utica has raised more than $1.2 billion in private equity capital. Tuesday’s transaction sets the total capital raised by American Energy-Utica at almost $3.16 billion. Also on Tuesday, affiliate American Energy-Marcellus LLC said it has closed its purchase of about 48,000 net acres of leasehold in West Virginia from the same sellers for $1.275 billion. The company on Tuesday closed its offering of $750 million and $450 million of senior secured first and second lien term loans due 2020 and 2021, respectively. The transactions set the total capital raised by American Energy-Marcellus at $1.8 billion.

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