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SEC Filings

S-1/A
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form S-1/A on 09/28/1999
Entire Document
 
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affiliates in exchange for approximately $873 million in cash and certain of our
cable systems. The InterMedia systems serve approximately 412,000 customers in
North Carolina, South Carolina, Georgia and Tennessee. As part of this
transaction, we will "swap" some of our non-strategic cable systems serving
approximately 144,000 customers located in Indiana, Montana, Utah and northern
Kentucky. This transaction will result in a net increase of 268,000 customers
concentrated in our Southeast and Southern regions. Approximately 84% of these
customers are currently served by systems with at least 550 megahertz bandwidth
capacity. For the six months ended June 30, 1999, the InterMedia systems had
revenues of approximately $100.6 million. For the year ended December 31, 1998,
the InterMedia systems had revenues of approximately $176.1 million. Following
regulatory approvals, we anticipate that the acquisition of the InterMedia
systems will close during the third quarter of 1999. Either we or the sellers
under the InterMedia acquisition agreement may terminate the agreement if the
acquisition does not close by January 20, 2000.
    
 
   
     AVALON.   In May 1999, Charter Investment, Inc. and Charter Communications
Holding Company entered into an agreement to purchase directly and indirectly
all of the equity interests of Avalon Cable LLC from Avalon Cable Holdings LLC
and Avalon Investors, L.L.C. for approximately $399.5 million in cash and $445.5
million in assumed notes and bank debt. In connection with the consummation of
this acquisition, Charter Communications, Inc. has agreed to assume the
obligation to acquire the stock of Avalon Cable of Michigan Holdings, Inc.
Avalon Cable operates primarily in Michigan and New England and serves
approximately 260,000 customers. For the six months ended June 30, 1999, Avalon
Cable had revenues of approximately $51.8 million. For the year ended December
31, 1998, Avalon Cable had revenues of approximately $18.2 million. As of June
30, 1999, there was $150.0 million, $118.1 million and $177.4 million total
principal outstanding under the Avalon 9 3/8% notes, the Avalon 11 7/8% notes
and the Avalon credit facilities, respectively. We will make an offer to
repurchase the Avalon 9 3/8% notes and the Avalon 11 7/8% notes and we may be
required to repay the Avalon credit facility. See "Description of Certain
Indebtedness" for a description of the material restrictive covenants and other
terms of the Avalon indebtedness. Approximately 15% of the Avalon systems'
customers are currently served by systems with at least 550 megahertz bandwidth
capacity. Following regulatory approvals, we anticipate that the transaction
will close during the fourth quarter of 1999. Either Avalon Cable Holdings, LLC
or we may terminate the agreement if the acquisition has not been completed on
or prior to March 31, 2000.
    
 
   
     FANCH.   In May 1999, Charter Investment, Inc. entered into an agreement to
purchase the partnership interests of Fanch Cablevision of Indiana, L.P.,
specified assets of Cooney Cable Associates of Ohio, Limited Partnership,
Fanch-JV2 Master Limited Partnership, Mark Twain Cablevision Limited
Partnership, Fanch-Narragansett CSI Limited Partnership, North Texas
Cablevision, Ltd., Post Cablevision of Texas, Limited Partnership and Spring
    
 
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