Cogent Communications amends 6.500% notes indenture, raises secured leverage basket
On June 15, 2026, two wholly owned subsidiaries of Cogent Communications Holdings signed a First Supplemental Indenture amending the 2025 indenture for their notes, after receiving consents from holders of a majority of the outstanding 6.500% Senior Secured Notes due 2032. The amendment raises the secured leverage ratio under the ratio liens basket from 4.00:1.00 to 4.75:1.00, while requiring at least 50% of data center sale proceeds to repurchase those notes at a discount and barring those proceeds from increasing restricted payment capacity. It also restricts transfers of indefeasible rights of use to unrestricted or non-guarantor subsidiaries.
Key points
- Secured leverage ratio under the ratio liens basket increased from 4.00:1.00 to 4.75:1.00
- At least 50% of data center sale proceeds must be used to repurchase the 6.500% Senior Secured Notes due 2032 at a discount
- Proceeds from data center sales will not increase available restricted payment capacity
- Cogent Group may not make restricted payments involving IRU dividends, distributions, sales, transfers or contributions, with limited exceptions
The filing
Written by AI on Nov 8, 2026, 2:07 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 15, 2026.
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