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OFFERING OF $125,000,000 11-7/8 PERCENT SENIOR DEBENTURES DUE 2004 OF ADELPHIA COMMUNICATIONS CORPORATION

 OFFERING OF $125,000,000 11-7/8 PERCENT SENIOR DEBENTURES DUE 2004
 OF ADELPHIA COMMUNICATIONS CORPORATION
 COUDERSPORT, Pa., Sept. 2 /PRNewswire/ -- John J. Rigas, chairman and CEO of Adelphia Communications Corporation ("Adelphia") (NASDAQ: ADLAC) announced today that Adelphia's registration statement with respect to $125,000,000 aggregate principal amount of 11-7/8 percent senior debentures due 2004 has been declared effective by the Securities and Exchange Commission.
 The senior debentures are priced at 99.523 percent of principal amount to yield 11.95 percent, and will provide gross proceeds of approximately $124,400,000. The senior debentures will be redeemable, at the option of Adelphia, in whole or in part on or after Sept. 15, 1999, initially at 104.5 percent of their principal amount, plus accrued interest, and declining to 100 percent of their principal amount, plus accrued interest, on or after Sept. 15, 2002. The senior debentures mature on Sept. 15, 2004. Interest on the senior debentures is payable on Sept. 15 and March 15 of each year, commencing March 15, 1993.
 The net proceeds from the offering will be used to reduce existing bank debt of Adelphia's subsidiaries. Salomon Brothers Inc is the underwriter for the offering.
 Adelphia owns or manages cable television systems in 11 states serving approximately 1,200,000 basic subscribers as of June 30, 1992.
 -0- 9/2/92
 /CONTACT: Timothy J. Rigas, senior vice president of Adelphia Communications, 814-274-9830/
 (ADLAC) CO: Adelphia Communications Corporation ST: Pennsylvania IN: TLS SU: OFR


CD-LJ -- PG004 -- 5799 09/02/92 09:42 EDT
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Publication:PR Newswire
Date:Sep 2, 1992
Words:257
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