Century Communications completes $525,000,000 long term bank financing.NEW CANAAN, Conn.--(BUSINESS WIRE)--August 7, 1995--Century Communications Corp. announced the completion by a wholly-owned subsidiary of a $525,000,000 long-term financing Long-term financing Liabilities repayable in more than one year plus equity. facility with a syndicate of banks led by Citibank, N.A. as Agent and six Managing Agents, including Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Chemical Bank, LTCB LTCB Long-Term Credit Bank (Japan) Trust Company, Societe General, Sumitomo Bank, and Toronto Dominion Bank. The proceeds of the facility will be used to refinance existing indebtedbess, and provide for the previously announced acquisition of cable television systems serving approximately 135,000 subscribers in markets adjacent to existing Century cable systems, located in Southern and Northern California. The new credit facility is a three year, unsecured revolving loan, converting into a five year term loan. "This financing is a key element in furthering the diversification and flexibility of our balance sheet. We are pleased that this group of banks recognized and supported Century's commitment to the continued growth of its core cable television business," said Century Senior Vice President and Treasurer, Scott N. Schneider. Century operates 65 cable television systems in 25 states and Puerto Rico serving in excess of 1,100,000 basic subscribers and owns four radio stations. Century Communications Corp., through its 33.9% owned subsidiary, Centennial Cellular Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CYCL), operates, acquires and invests in cellular telephone and other wireless communications systems throughout the United States. Centennial's current wireless telephone interests represent a population of approximately 9.7 million. Approximately 5.0 million of this population is represented by cellular telephone systems which it owns (either 100% or a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail ) and manages, serving 28 markets in three geographic areas. Centennial was the recently winning bidder for one of two MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. licenses to provide service in the Commonwealth of Puerto Rico and the U.S. Virgin Islands, representing approximately 3.6 million pops. Approximately 1.1 million of the population represents minority investments in limited partnerships owning cellular telephone systems which primarily serve the Sacramento Valley and San Francisco Bay area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay in California. Centennial also owns and operates a paging, specialized mobile radio See SMR. , and convention mobile telephone business in two markets in which it has cellular telephone systems. CONTACT: Century Communications Corp. Scott Schneider, 203/972-2000 |
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