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INTERNATIONAL CABLETEL COMPLETES MERGER OF OCOM CORPORATION

 NEW YORK, Oct. 14 /PRNewswire/ -- International CableTel Incorporated (NASDAQ: ICTL) (the company) announced that it has completed the previously announced merger of OCOM Corporation with a subsidiary of CableTel, the acquisition of certain cable/telephony properties in the United Kingdom from Insight Communications Company U.K., L.P., and the concurrent public offerings of 10 million shares of CableTel common stock, and $212 million aggregate principal amount of 10-7/8 percent senior deferred coupon notes due 2003 (priced to generate gross proceeds of $125 million).
 In addition, the underwriters of CableTel's recent public offering have exercised their overallotment option for an additional 1.5 million shares of CableTel common stock, which is scheduled to be consummated shortly.
 The total proceeds to the company from these concurrent offerings (before deducting expenses of the offerings), including the sale of the shares of common stock pursuant to the overallotment option, will be approximately $411,850,000. After giving effect to the foregoing transactions, there will be outstanding approximately 22.3 million shares of CableTel common stock.
 -0- 10/14/93
 /CONTACT: Richard J. Lubasch of International CableTel, 212-906-8470/
 (ICTL)


CO: International CableTel Incorporated ST: New York IN: TLS SU: TNM OFR

TW-OS -- NY084 -- 2426 10/14/93 16:31 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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