Century Communications completes $875,000,000 in long-term bank financings.NEW CANAAN, Conn.--(BUSINESS WIRE)--Sept. 17, 1996--Century Communications Corp. announced the completion of two wholly-owned subsidiaries of $875,000,000 long-term financing Long-term financing Liabilities repayable in more than one year plus equity. facilities 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. , Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , LTCB LTCB Long-Term Credit Bank (Japan) Trust Company, Societe Generale, Sumitomo Bank, and Toronto Dominion Bank. The proceeds of these new credit agreements will be used to refinance existing indebtedness as well as provide availability for continued capital investment in Century's cable television systems. The new credit facility is a three year, unsecured revolving loan, converting into a five year term loan. Recognizing Century's continued strong operating performance, the new credit structure provides for lower interest rates and greater financial flexibility. "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 70 cable television systems in 25 states and Puerto Rico serving in excess of 1,250,000 basic subscribers and owns four radio stations. Century Communications Corp., through its 32% 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), owns, operates and holds investments interests in networks serving approximately 200,000 subscribers in areas covering a population of approximately 10,000,000 population (as calculated on proportionate ownership basis). Centennial's current wireless telephone interests represent a population of approximately 10.0 million. Approximately 5.4 million of this population is represented by cellular telephone systems which it owns (either 100% or a controlling interest) and manages, serving 28 markets in three geographic areas. 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 areas in California. Centennial was the recent 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 Personal Communications Services See PCS. "PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. " in the Commonwealth of Puerto Rico and the U.S. Virgin Islands, representing approximately 3.6 million pops. CONTACT: Century Communications Corp. Scott N. Schneider, 203/972-2002 or W.M. Kraus, 608/258-1511 |
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