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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)


     On June 30, 1998, the Company had unrestricted use of the $40,000 revolver,
although no borrowings had been made by the Company through that date.

     Annual maturities of borrowings under the Credit Agreement for the years
ending December 31 are as follows:


<TABLE>
<S>                                                                           <C>
1998 .....................................................................         0
1999......................................................................       776
2000......................................................................     1,035
2001......................................................................     2,701
2002......................................................................     9,506
2003......................................................................    11,590
Thereafter................................................................    76,892
                                                                            --------
                                                                             102,500
Less Current Portion......................................................      (258)
                                                                            --------
                                                                            $102,242
                                                                            ======== 
</TABLE>
 

  As required by the Credit Agreement, Renaissance Media purchased an interest
rate CAP agreement from Morgan Stanley Capital Services Inc. an affiliate of
MSCP  The agreement effectively fixed or set a maximum LIBOR rate of 7.25% on
bank debt borrowing up to $100,000 through December 1999.

  The Credit Agreement and the Indenture pursuant to which the Notes were issued
contain restrictive covenants on the Company and subsidiaries regarding
additional indebtedness, investment guarantees, loans, acquisitions, dividends
and merger or sale of the subsidiaries and require the maintenance of certain
financial ratios.

6.  TAXES

     Group and Media are limited liability companies and are not subject to
federal or state income tax.  Any income earned by these entities will be taxed
to their respective members.

     Louisiana and Tennessee have elected to be treated as corporations for
federal income tax purposes and have not recorded any tax benefit for their
losses as the realization of these losses by reducing future taxable income in
the carry forward period is uncertain at this time.  The provision for income
taxes reflected in the consolidated statement of operations is for Tennessee
franchise taxes.

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