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CommScope Holding Company, now Vistance Networks, reports developments around its transition into a focused network-solutions company after the completed sale of its Connectivity and Cable Solutions segment. News centers on the rebrand, capital-structure actions tied to the divestiture, operating results, and the remaining businesses built around RUCKUS Networks and Access Networks Solutions.
Company updates also cover RUCKUS Wi-Fi, switching, cloud-managed platforms, AI-enabled network management for multi-dwelling units, PRiSM secure-boot signing technology, and fiber architecture training and showcase initiatives for service providers. Financial releases discuss continuing operations, segment measures, debt repayment, share repurchase authorization, and cash distribution decisions.
CommScope (NASDAQ: COMM) has completed the sale of its Outdoor Wireless Networks (OWN) segment and Distributed Antenna Systems (DAS) business to Amphenol (NYSE: APH), following the definitive agreement announced on July 18, 2024.
The proceeds will be allocated to:
- Pay transaction fees and expenses
- Repay all outstanding amounts under the asset-backed revolving credit facility
- Partially repay 4.750% Senior Secured Notes due 2029
- Fully repay 6.000% Senior Secured Notes due 2026
The company's asset-backed revolving credit facility committed amount will be reduced to $750.0 million, subject to borrowing base limitations. The Senior Secured Term Loan's applicable margin is expected to decrease by 25 basis points. Additional details about the transaction's impact on fiscal year 2025 outlook will be provided during the next quarterly earnings call.
CommScope (COMM) has announced it will release its fourth quarter and full year 2024 financial results on Wednesday, February 26, before market opening. The company will host a conference call at 8:30 a.m. Eastern where management will discuss the results. Investors can access the live audio through CommScope's Investor Relations website's Events and Presentations page. A webcast replay will be available for a time after the call.
CommScope (NASDAQ: COMM) has announced a comprehensive refinancing transaction, securing $4.15 billion in new debt financing, consisting of a $3.15 billion first-lien term loan maturing in 2029 and $1 billion in first-lien notes maturing in 2031. The transaction will address the company's 2025 and 2026 debt maturities.
The refinancing, supported by Apollo and Monarch Alternative Capital, will be complemented by the previously announced $2.1 billion sale of CommScope's Outdoor Wireless Networks and DAS business units to Amphenol , expected to close in Q1 2025. These proceeds will be used to repay senior secured notes due 2026 and partially redeem notes due 2029.
The company expects its total debt to Adjusted EBITDA ratio to fall below 6.00:1.00 by the end of 2026.
CommScope (NASDAQ: COMM) reported Q3 2024 results with net sales of $1.08 billion, up 2.7% year-over-year. The company posted a GAAP loss from continuing operations of $(96.7) million, or $(0.52) per share. Core non-GAAP adjusted EBITDA reached $220.4 million, a 25% increase from the previous year. The CCS segment showed strong performance with $174 million adjusted EBITDA, up 115% year-over-year. The company generated $122.2 million in operating cash flow and ended the quarter with total liquidity of approximately $1.02 billion. CommScope has narrowed its full-year Core adjusted EBITDA guidance to $700-750 million.
CommScope (NASDAQ: COMM) has partnered with the Cleveland Cavaliers to implement 5G connectivity at Rocket Mortgage FieldHouse using their ERA® DAS (distributed antenna system). The system will cover the 152,979 square foot arena, providing enhanced mobile connectivity for fan experiences. The Chief Information Officer of the Cleveland Cavaliers highlighted that this implementation has reduced their footprint by nearly 85%. The system supports all 5G spectrum bands, including C-band, enabling various digital fan experiences from parking assistance to augmented game experiences.
Amphenol (NYSE: APH) has announced the pricing of its senior notes offering, totaling $1.5 billion across three tranches: $250 million due 2027 at 5.050%, $750 million due 2035 at 5.000%, and $500 million due 2054 at 5.375%. The 2027 Notes are an extension of existing notes issued in April 2024. The offering is expected to close on October 31, 2024. The proceeds will primarily fund the acquisition of CommScope's mobile networks businesses, specifically their Outdoor Wireless Networks and Distributed Antenna Systems divisions. The 2035 and 2054 Notes include a special mandatory redemption clause if the CommScope acquisition fails to complete.
CommScope's RUCKUS Networks has implemented an AI-driven Wi-Fi 7 solution at the Circuit of The Americas (COTA) racetrack in Austin, Texas, making it the first racetrack with this technology. The system features Automated Frequency Coordination (AFC) technology and outdoor 6 GHz at Standard Power. During a recent October event, the network supported over 36,000 connected clients, generating 39 TB of data with speeds up to 1 Gbps. The upgrade includes indoor and outdoor access points, ICX switches, virtual SmartZone controllers, and RUCKUS AI with Melissa AI-driven virtual network assistant.
CommScope (NASDAQ: COMM), a leader in network connectivity, has unveiled the SYSTIMAX® GigaSHIELD™ X10D end-to-end Cat 6A shielded platform, enhancing the SYSTIMAX 2.0 portfolio.
This platform includes F/UTP, F/FTP, and S/FTP cabling, MiNo shielded patch cords, MGS600S jacks, InstaPATCH integration, and preloaded panels supporting imVision and VisiPORT solutions. It is designed to support high-speed copper networks, particularly in light industrial and high-security environments.
Key features include:
- EMI and RFI protection
- Eco-friendly design
- Port monitoring and AIM integration
- Rapid installation with MGS600S jack and InstaPATCH assemblies
- 25-year warranty and SYSTIMAX Assurance™ program
For more details, visit CommScope's website.
CommScope (NASDAQ: COMM) has launched the RUCKUS Edge cloud-managed edge platform for service delivery. This platform extends the AI-driven RUCKUS One network assurance and business intelligence platform to the network edge, enabling rapid deployment and simplified management of various services and applications.
Key features of RUCKUS Edge include:
- Simplified deployment and management through a centralized cloud-managed platform
- Scalability and flexibility to address needs of various organization sizes
- Improved security and privacy with VXLAN-based SD-LAN service
- Reduced latency and faster data transmission
- Seamless Wi-Fi roaming across campuses
- Pay-as-you-go subscription model
- AI-driven assurance and insights
- Converged management across IT and IoT/OT networks
The RUCKUS Edge platform is now available globally for RUCKUS One customers, with initial services developed by RUCKUS offered in the RUCKUS One catalog.
CommScope (NASDAQ: COMM) has introduced two new solutions for optimizing rural broadband deployments: the All-in-One (AIO) Cabinet and the 36-fiber count flat cable. Both products have been awarded Four Diamond honors in the 2024 Lightwave+BTR Diamond Technology Reviews program.
The AIO Cabinet combines active equipment and passive fiber distribution hub technology in a single cabinet, supporting up to 576 customers. It features a smaller footprint, network-style rack mounting, and FDH3000 swing frame technology for easier maintenance.
The 36-fiber flat cable maintains the same outer dimensions as single fiber flat cable while offering higher density. It consists of three micro tubes, each containing 12 250-micron fibers, addressing fiber identification challenges seen in other high-density flat cables.
Both solutions aim to simplify deployments, reduce costs, and optimize business cases for service providers expanding fiber-to-the-home networks in rural areas.