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SEC Filings

10-Q
RENAISSANCE MEDIA GROUP LLC filed this Form 10-Q on 10/20/1998
Entire Document
 
<PAGE>
 
                          RENAISSANCE MEDIA GROUP LLC
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 JUNE 30, 1998
              (ALL DOLLAR AMOUNTS IN 000'S EXCEPT WHERE INDICATED)
                                  (Unaudited)
                                        

     Unaudited Pro Forma summarized results of operations for the Company for
the six months ended June 30, 1998 and 1997, assuming the Acquisition had been
consummated on January 1, 1998 and 1997, are as follows:


<TABLE>
<CAPTION>
                                                                SIX MONTHS ENDED JUNE 30,       
                                                                -------------------------
                                                                1997                 1998       
                                                                ----                 ----
<S>                                                             <C>                  <C>
    Revenues..........................................              $28,142             $ 25,176
    Expenses..........................................               28,007               26,727
                                                                    -------             --------
    Operating (loss) income...........................                  135               (1,551)
    Interest expense and other expenses...............                9,621                9,621
                                                                    -------             --------
    Net (Loss)                                                      $(9,486)            $(11,172)
                                                                    =======             ========  
</TABLE>

                                                                                
5.  DEBT
 
    As of June 30, 1998, debt consisted of:


<TABLE> 
<S>                                                                        <C>  
    10.00% Senior Discount Notes at Accreted Value (a) .............       $102,286
    Bank Credit Agreement (b).......................................       $102,500
                                                                            -------
                                                                           $204,786
                                                                           ========
</TABLE>


    (a) On April 9, 1998, in connection with the Acquisition described in Note
4, Louisiana, Tennessee and Capital issued $163,175 principal amount at
maturity, $100,012 initial accreted value of 10.00% senior discount notes due
2008 ("Notes"). The notes pay no interest until April 15, 2003. From and after
April 15, 2003 the Notes will bear interest, payable semi-annually in cash, at a
rate of 10% per annum on April 15 and October 15 of each year, commencing
October 15, 2003. The Notes are due on April 15, 2008.

    (b) On April 9, 1998, Renaissance Media entered into a credit agreement (the
"Credit Agreement"). The aggregate commitments under the Credit Agreement total
$150,000, consisting of a $40,000 revolver, $60,000 Tranche A Term Loans and
$50,000 Tranche B Term Loans. The revolving credit and term loans are
collateralized by a first lien position on all present and future assets and
members' interest of Media, Louisiana and Tennessee. The Credit Agreement
provides for interest at varying rates based upon various borrowing options and
the attainment of certain financial ratios and for commitment fees of 1/2 % on
the unused portion of the revolver. The effective interest rate for the period
from inception through the period ended June 30, 1998 was 8.11%.

     On April 9, 1998, $110,000 was borrowed under the Credit Agreement's
Tranche A and B Term Loans.  On June 23, 1998, $7,500 was repaid resulting in
$102,500 of outstanding Tranche A and B Term Loans as of June 30, 1998.

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