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Technology Stocks : Adelphia (ADLAC) Another Cable Modem Player
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To: vedia who wrote (21)6/30/1998 9:46:00 AM
From: MangoBoy  Read Replies (1) of 41
 
[Adelphia Announces Private Placement of Debt]

COUDERSPORT, Pa., June 30 /PRNewswire/ -- Adelphia Communications Corporation announced that it has sold $150,000,000 aggregate principal amount of 8-1/8% Senior Notes due 2003 to institutional investors in reliance on Rule 144A. The 8-1/8% Senior Notes due 2003 will be noncallable, and will have other non-interest terms that will be similar to those of Adelphia's existing publicly held senior debt. The transaction is expected to close on July 2, 1998.

Adelphia intends to use the net proceeds from the sale of the 8-1/8% Senior Notes due 2003 to repay existing indebtedness of subsidiaries.

Adelphia Communications Corporation is the seventh largest cable television operator in the United States and currently owns or manages cable television systems serving approximately 2 million subscribers in 12 states.

SOURCE Adelphia Communications Corporation
-0- 6/30/98
/CONTACT: Timothy J. Rigas, Executive Vice President of Adelphia Communications Corporation, 814-274-9830/
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