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SEC Filings

S-4
AVALON CABLE OF MICHIGAN INC/ filed this Form S-4 on 04/01/1999
Entire Document
 
<PAGE>
 
                                 CAPITALIZATION
 
   The following table sets forth:
 
  . the actual capitalization as of December 31, 1998 of each of Michigan
    Holdings, Avalon Cable LLC and Avalon Finance Holdings, which were the
    issuers under the old notes as of such date as of December 31, 1998, and
 
  . the pro forma combined capitalization of the Issuers as of December 31,
    1998, giving effect to the pending acquisitions and the reorganization
    transactions described herein.
 
   The information in the following table should be read in conjunction with
the "Management's Discussion and Analysis of Financial Condition and Results of
Operations" section of this prospectus and the financial statements and the
notes thereto which you can find elsewhere in this prospectus.
 

<TABLE>
<CAPTION>
                               Actual December 31, 1998
                          ----------------------------------
                           Avalon                    Avalon      Unaudited
                          Michigan                  Finance  Pro Forma Combined
                          Holdings Avalon Cable LLC Holdings December 31, 1998
                          -------- ---------------- -------- ------------------
<S>                       <C>      <C>              <C>      <C>
  Credit facility........ $140,875     $   --       $   --        $179,636(1)
  Senior Subordinated
   Notes.................  150,000         --           --         150,000
  New Notes..............      --          --           --         111,494(2)
  Old Notes..............  111,494         --           --             -- (2)
  Notes Payable--
   affiliates............   15,171       3,341       15,171            -- (3)
  Other..................      --          600          --             600
                          --------     -------      -------       --------
    Total debt...........  417,540       3,941       15,171        441,730
  Issuers' equity........   26,772      47,291          --         144,626(4)
                          --------     -------      -------       --------
    Total capitalization. $444,312     $51,232      $15,171       $586,356
                          ========     =======      =======       ========
</TABLE>

 
  (1) To reflect additional borrowings under the credit facility for the
      completed and pending acquisitions of Mercom, Nova, Cross Country,
      Traverse Internet, Novagate, R/COM, Hometown and Galaxy of $38,761,000.
  (2) To reflect the exchange of Old Notes for New Notes.
  (3) To reflect the elimination of intercompany debt as part of the
      Reorganization.
  (4) To reflect the contribution to the capital of Avalon Cable LLC by
      Avalon Cable of Michigan, Inc. as part of the Reorganization.
 
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