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SEC Filings

424B1
RENAISSANCE MEDIA GROUP LLC filed this Form 424B1 on 09/10/1998
Entire Document
 
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                          RENAISSANCE MEDIA GROUP LLC
 
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
                                 JUNE 30, 1998
             (ALL DOLLAR AMOUNTS IN 000'S EXCEPT WHERE INDICATED)
                                  (UNAUDITED)
 
5. DEBT - (CONTINUED)
 
      Annual maturities of borrowings under the Credit Agreement for the
    years ending December 31, are as follows:
 

<TABLE>
      <S>                                                              <C>
       1998 (July 1 through December 31)..............................      -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. The
    agreement effectively fixed or set a maximum LIBOR rate of 7.25% on bank
    debt borrowing up to $100 million through December 1999.
 
      The Credit Agreement and the Indenture 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.
 
7. RELATED PARTY TRANSACTIONS
 
  (a) Transactions with Morgan Stanley Entities
 
      In connection with the Acquisition, Renaissance Media entered into the
      Senior Credit Facility with Morgan Stanley Senior Funding and Morgan
      Stanley & Co. Incorporated acted as the Placement Agent for the Senior
      Discount Notes. In connection with these services the Morgan Stanley
      Entities received customary fees and expense reimbursement.
 
 
                                     F-16