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OFFERINGS OF $400,000,000 OF SENIOR NOTES DUE 2002 AND 1,500,000 CLASS A COMMON SHARES OF ADELPHIA COMMUNICATIONS CORPORATION

OFFERINGS OF $400,000,000 OF SENIOR NOTES DUE 2002 AND 1,500,000
 CLASS A COMMON SHARES OF ADELPHIA COMMUNICATIONS CORPORATION
 COUDERSPORT, Pa., May 7 /PRNewswire/ -- Adelphia Communications Corporation ("Adelphia") (NASDAQ: ADLAC) announced today that its registration statements with respect to $400,000,000 aggregate principal amount of 12-1/2 percent senior notes due 2002 and 1,500,000 shares of class A common stock have been declared effective by the Securities and Exchange Commission.
 The senior notes are priced at 100 percent, to provide gross proceeds of $400,000,000. The senior notes will be redeemable, at the option of Adelphia, in whole or in part on or after May 15, 1997, initially at 106 percent of their principal amount, plus accrued interest, and declining to 100 percent of their principal amount, plus accrued interest. The senior notes mature May 15, 2002. Interest on the senior notes is payable on May 15 and Nov. 15, commencing Nov. 15, 1992.
 The class A common stock is priced at $15.00 per share, to provide gross proceeds of $22,500,000. All of the shares of class A common stock offered are being sold by the company. Certain members of the family of John J. Rigas have agreed to purchase 750,000 of the 1,500,000 shares of the class A common stock at the public offering price.
 The net proceeds from the note and stock offerings will be used to redeem, at 104 percent of par, all of the $250,000,000 aggregate principal amount of Adelphia's 16-1/2 percent senior discount notes due 1999 and to reduce existing bank debt of Adelphia's subsidiaries. Salomon Brothers Inc. is serving as lead underwriter for the separate offerings with Donaldson, Lufkin & Jenrette Securities Corporation and Lazard Freres & Co. serving as co-managing underwriters for each.
 Adelphia owns or manages cable television systems in 11 states serving approximately 1,180,000 basic subscribers.
 -0- 5/7/92
 /CONTACT: Timothy J. Rigas, senior vice president of Adelphia, 814-274-9830/
 (ADLAC) CO: Adelphia Communications Corporation ST: Pennsylvania IN: TLS SU: OFR


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Publication:PR Newswire
Date:May 7, 1992
Words:355
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