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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>   613
                        BRESNAN COMMUNICATIONS GROUP LLC
 
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
                                 MARCH 31, 1999
                                  (UNAUDITED)
                                 (IN THOUSANDS)
 
     The results of these operations of these cable television systems have been
included in the accompanying consolidated statements of operations from their
dates of acquisition. Pro forma information has not been presented because the
effect was not significant.
 
     The Company also disposed of cable television systems during 1998 and 1999
for gross proceeds of $12,000 and $4,400 respectively and resulting in gain
(loss) on cable television systems of $7,010 and $(181) for 1998 and 1999,
respectively. The results of operations of these cable television systems
through the date of the disposition and the gain (loss) from the dispositions
have been included in the accompanying consolidated statements of operations. As
part of one of the dispositions, the Company received cash that was restricted
to reinvestment in additional cable television systems.
 
(3) DEBT
 
     Debt is summarized as follows:
 

<TABLE>
<CAPTION>
                                                              MARCH 31, 1999
                                                              --------------
<S>                                                           <C>
Senior Credit Facility(a)...................................     $501,600
Senior Notes Payable(b).....................................      170,000
Senior Discount Notes Payable(b)............................      175,021
Other Debt..................................................        1,386
                                                                 --------
                                                                 $848,007
                                                                 ========
</TABLE>

 
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(a) The Senior Credit Facility represents borrowings under a $650,000 senior
    reducing revolving credit and term loan facilities (the "Credit Facility")
    as documented in the loan agreement as of February 2, 1999. The Credit
    Facility calls for a current available commitment of $650,000 of which
    $501,600 is outstanding at March 31, 1999. The Credit Facility provides for
    three tranches, a revolving loan tranche for $150,000 (the "Revolving
    Loan"), a term loan tranche of $328,000 (the "A Term Loan" and together with
    the Revolving Loan, "Facility A") and a term loan tranche of $172,000 (the
    "Facility B").
 
    The commitments under the New Credit Facility will reduce commencing with
    the quarter ending March 31, 2002. Facility A permanently reduces in
    quarterly amounts ranging from 2.5% to 6.25% of the Facility A amount
    starting March 31, 2002 and matures approximately eight and one half years
    after February 2, 1999. Facility B is also to be repaid in quarterly
    installments of .25% of the Facility B amount beginning in March 2002 and
    matures approximately nine years after February 2, 1999, on which date all
    remaining amounts of Facility B will be due and payable. Additional
    reductions of the New Credit Facility will also be required upon certain
    asset sales, subject to the right of the Company and its subsidiaries to
    reinvest asset sale proceeds under certain circumstances. The interest rate
    options include a LIBOR option and a Prime Rate option plus applicable
    margin rates based on the Company's total leverage ratio. In addition, the
    Company is required to pay a commitment fee on the unused revolver portion
    of Facility A which will accrue at a rate ranging from .25% to .375% per
    annum, depending on the Company's total leverage ratio.
 
    The rate applicable to balances outstanding at March 31, 1999 ranged from
    6.97% to 8.75%. Covenants of the Credit Facility require, among other
    conditions the maintenance of specific levels of the ratio of cash flows to
    future debt and interest expense and certain limitations on additional
    investments, indebtedness, capital expenditures, asset sales and affiliate
    transactions.
 
                                      F-469