CoreComm Limited Announces $80 Million of Financings.Business Editors NEW YORK--(BUSINESS WIRE)--April 12, 2001 CoreComm Limited (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 : COMM) announced today that it has completed financing arrangements in the amount of $80 million. The financing includes $55 million to be provided under an amendment to the Company's existing Senior Secured Credit Facility with The 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. (Chase). This financing is being provided by Chase, as well as America Online, Inc. and Goldman Sachs Credit Partners L.P., which have joined the Credit Facility. The remaining $25 million of the financing is in the form of PIK PIK See: Payment-in-kind bond PIK See payment-in-kind security (PIK). convertible notes provided by Booth American Company and NTL NTL Nevertheless NTL National Transportation Library NTL Norsk Tjenestemannslag NTL National Training Laboratories NTL Never Too Late NTL Nothing to Lose NTL National Training Laboratory NTL None the Less NTL Number Theory Library Incorporated in the amounts of $10 million and $15 million, respectively. The conversion price of these notes is $1.00 per share. As a result of these financings, the Company is filing its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. today, which will include its financial statements for the year 2000, and an "unqualified" opinion of its auditors in respect of those financials. CoreComm provides integrated telephone, Internet and data services to business and residential customers in several markets in the United States. Safe Harbor Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Certain statements contained herein constitute "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual achievement to be different from those contemplated. The Company assumes no obligation to update forward-looking statements. |
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