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OCOM CORPORATION TO MERGE INTO A SUBSIDIARY OF INTERNATIONAL CABLETEL, INC.; PUBLIC OFFERINGS FILED

 NEW YORK, June 1 /PRNewswire/ -- OCOM Corporation (NASDAQ: OHCO) announced today that it has agreed to restructure the transaction with International CableTel, Inc. and Insight Communications Company U.K., L.P., that was previously announced on April 8, 1993. As a result of the restructuring, CableTel will own 100 percent of the Insight interests in U.K. cable and telephone properties in the united Kingdom representing over 905,000 net equity households.
 OCOM said that the restructured transaction provides that OCOM will, through a merger which is subject to OCOM shareholders' approval, become a wholly owned subsidiary of CableTel and each share of OCOM common stock will be exchanged for CableTel common stock on a one-for-one basis. (There are at present approximately 7.5 million share of OCOM common stock outstanding, on a fully diluted basis.) On or about that date Insight U.K. will contribute to CableTel its cable/telephony properties in the United Kingdom in exchange for approximately 4.4 million shares of CableTel common stock. Following the merger, CableTel will continue to operate through its OCOM subsidiary the OCOM Ohio microwave and long distance business.
 CableTel also announced that it has filed registration statement with the Securities and Exchange Commission for concurrent public offerings of 10,000,000 shares of common stock and $100,000,000 gross proceeds of senior deferred coupon notes due 2003. The common stock offering also contemplates up to a 15 percent over-allotment. Donaldson, Lufkin & Jenrette Securities Corporation and Salomon Brothers Inc will co-manage the offerings.
 The proceeds of these offerings will be used by CableTel to finance the cable/telephony systems in the U.K. that will be owned following its transaction with Insight U.K. Closing of that transaction is subject to certain regulatory approvals.
 -0- 6/1/93
 /CONTACT: J. Barclay Knapp, Stanton N. Williams or Richard Lubasch all of OCOM, 212-906-8440/
 (OHCO)


CO: OCOM Corporation; International CableTel, Inc.;
 Insight Communications Company U.K., L.P. ST: New York IN: TLS SU: TNM OFR


LR-SM -- NY011 -- 3772 06/01/93 08:21 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
Words:343
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