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ADELPHIA COMMUNICATIONS COMPLETES 9-7/8 PERCENT SENIOR DEBENTURE EXCHANGE OFFER

 COUDERSPORT, Pa., July 23 /PRNewswire/ -- Adelphia Communications Corporation ("Adelphia") (NASDAQ-NMS: ADLAC) announced that Adelphia's exchange offer of $130,000,000 in principal amount of its registered 9-7/8 percent Senior Debentures due 2005, Series B (CUSIP No. 006848 AF 2) ("New Debentures") for $130,000,000 in principal amount of its outstanding 9-7/8 Percent Senior Debentures due 2005 (CUSIP No. 006848 AE 5) ("Old Debentures") expired at 5 p.m. on Friday, July 16, 1993 in accordance with its terms, and that Adelphia has accepted the tender of $130,000,000 in aggregate principal amount of Old Debentures.
 Adelphia has instructed the trustee with respect to the 9-7/8 percent senior debentures, Bank of Montreal Trust Company, to prepare and authenticate $130,000,000 in aggregate principal amount of New Debentures, issued by Adelphia as of July 22, 1993 in exchange for the Old Debentures.
 In accordance with the exchange offer, the New Debentures will bear interest at a rate of 9-7/8 percent per annum from July 22, 1993, their date of issuance. On Sept. 1, 1993, the date of the first interest payment on the New Debentures, holders of Old Debentures accepted for exchange will receive, in cash, accrued interest on the Old Debentures through July 21, 1993.
 -0- 7/23/93
 /CONTACT: Timothy J. Rigas, senior vice president of Adelphia, 814-274-9830/
 (ADLAC)


CO: Adelphia Communications Corporation ST: Pennsylvania IN: TLS SU:

PT-XX -- PG006 -- 5237 07/23/93 14:49 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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