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SEC Filings

AVALON CABLE OF MICHIGAN INC/ filed this Form S-4 on 04/01/1999
Entire Document
                                  In thousands
4. Debt
 Credit Facilities
   On May 28, 1998, Avalon New England entered into a term loan and revolving
credit agreement with a major commercial lending institution (the "Credit
Agreement"). The Credit Agreement allowed for aggregate borrowings under Term
Loans A and B (collectively, the "Term Loans") and a revolving credit facility
of $30,000 and $5,000, respectively. The proceeds from the Term Loans and
revolving credit facility were used to fund acquisitions and to provide for
Avalon New England's working capital requirements.
   In December 1998, Avalon New England retired the Term Loans and revolving
credit agreement through the proceeds of a capital contribution from Avalon.
The fees and associated costs relating to the early retirement of this debt was
$1,310, which has been recorded as an extraordinary item by Avalon New England.
   On November 6, 1998, Avalon Finance became a co-borrower along with Avalon
Cable Michigan, Inc. ("Avalon Michigan") and Avalon Cable of New England LLC
("Avalon New England"), affiliated companies, collectively referred to as the
"Co-Borrowers") on a $320,888 senior credit facility, which includes term loan
facilities consisting of (i) tranche A term loans of $120,888 and (ii) tranche
B term loans of $170,000, and a revolving credit facility of $30,000
(collectively, the "Credit Facility"). Subject to compliance with the terms of
the Credit Facility, borrowings under the Credit Facility will be available for
working capital purposes, capital expenditures and pending and future
acquisitions. The ability to advance funds under the tranche A term loan
facilities terminate on March 31, 1999. The tranche A term loans are subject to
minimum quarterly amortization payments commencing on January 31, 2001 and
maturing on October 31, 2005. The tranche B term loans are scheduled to be
repaid in two equal installments on July 31, 2006 and October 31, 2006. The
revolving credit facility borrowings are scheduled to be repaid on October 31,