Adelphia closes on $1.3 billion second extended DIP credit facility

By Ted A. Knutson

Washington, Feb.25 - Adelphia Communications Corp. said it closed Friday on a $1.3 billion second extended debtor-in-possession credit facility with a March 31 maturity date.

The loan consists of an $800 million revolving credit facility and a $500 million term loan. The revolver has a $500 million letter of credit subfacility.

The Greenwood Village, Colo., cable television operator immediately used $578 million of the new DIP facility to repay all principal and interest the cable operator owed under the previous package.

Annual interest is Libor plus 225 points.

JPMorgan Chase Bank, NA is the administrative agent with Citigroup Global Markets Inc. as the syndication agent. J.P. Morgan and Citigroup are the joint bookrunners and co-lead arrangers.

Adelphia filed for bankruptcy on June 25, 2002 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 02-41729.

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