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SEC Filings

S-1
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form S-1 on 07/28/1999
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<PAGE>   397
                          RENAISSANCE MEDIA GROUP LLC
 
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
                                 MARCH 31, 1999
                 (DOLLARS IN THOUSANDS EXCEPT WHERE INDICATED)
                                  (UNAUDITED)
 
Company for the three months ended March 31, 1998, assuming the TWI Acquisition
had been consummated on January 1, 1998 are as follows:
 

<TABLE>
<CAPTION>
                                                              THREE MONTHS
                                                                 ENDED
                                                               MARCH 31,
                                                                  1998
                                                              ------------
<S>                                                           <C>
Revenues....................................................    $13,973
Costs and expenses..........................................     13,531
                                                                -------
Operating income............................................        442
Interest and other expenses.................................      4,954
                                                                =======
Net loss....................................................    $(4,512)
                                                                =======
</TABLE>

 
5.  DEBT
 
     Media maintained a credit agreement (the "Credit Agreement"). The aggregate
commitments under the Credit Agreement totaled $150,000, consisted of a $40,000
revolver, $60,000 Tranche A Term Loans and $50,000 Tranche B Term Loans. The
revolving credit facility and term loans were collateralized by a first lien
position on all present and future assets and members' interest of Media,
Louisiana and Tennessee. The Credit Agreement provided 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 quarter ended March 31, 1999 was
7.67%.
 
     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 March 31, 1999.
 
     On March 31, 1999, the Company had unrestricted use of the $40,000
revolver. No borrowings had been made by the Company through that date.
 
     As required by the Credit Agreement, Media purchased an interest rate cap
agreement from Morgan Stanley Capital Services Inc., an affiliate of MSCP III.
The agreement effectively fixed or set a maximum LIBOR rate of 7.25% on bank
debt borrowings up to $100,000 through December 1999. As of March 31, 1999, the
fair value of the interest rate cap agreement was $0.
 
     As a result of the Charter Transaction (i.e., change of control) and in
accordance with the terms and conditions of the indenture governing the 10%
senior discount notes due 2008 (the "Notes"), the Company will offer to
repurchase the Notes at a redemption price of 101% of Accreted Value (as defined
in the indenture) plus accrued interest.
 
6.  RELATED PARTY TRANSACTIONS
 
     In connection with the Acquisition, Media entered into an agreement with
Time Warner, pursuant to which Time Warner manages the Company's programming in
exchange for providing the Company access to certain Time Warner programming
arrangements. Management believes
 
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