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S-1/A
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form S-1/A on 09/28/1999
Entire Document
 
<PAGE>   336
                           CHARTERCOMM HOLDINGS, L.P.
                                AND SUBSIDIARIES
 
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
 
  CC-I CREDIT AGREEMENT
 
     CC-I maintained a credit agreement (the "CC-I Credit Agreement") with a
consortium of banks for borrowings up to $127,200, consisting of a revolving
line of credit of $63,600 and a term loan of $63,600. Interest accrued, at
CC-I's option, at rates based upon the Base Rate, as defined in the CC-I Credit
Agreement, LIBOR, or prevailing bid rates of certificates of deposit plus the
applicable margin based upon CC-I's leverage ratio at the time of the
borrowings. The variable interest rates ranged from 7.75% to 8.00% and 7.44% to
7.50% at December 31, 1997 and 1996, respectively.
 
     In June 1998, the CC-I Credit Agreement was repaid and terminated in
conjunction with the establishment of the Combined Credit Agreement.
 
  CC-II CREDIT AGREEMENT
 
     CC-II maintained a credit agreement (the "CC-II Credit Agreement") with a
consortium of banks for borrowings up to $390,000, consisting of a revolving
credit facility of $215,000, and two term loans totaling $175,000. Interest
accrued, at CC-II's option, at rates based upon the Base Rate, as defined in the
CC-II Credit Agreement, LIBOR, or prevailing bid rates of certificates of
deposit plus the applicable margin based upon CC-II's leverage ratio at the time
of the borrowings. The variable interest rates ranged from 7.63% to 8.25% and
7.25% to 8.125% at December 31, 1997 and 1996, respectively.
 
     In June 1998, the CC-II Credit Agreement was repaid and terminated in
conjunction with the establishment of the Combined Credit Agreement.
 
10.  FAIR VALUE OF FINANCIAL INSTRUMENTS:
 
     A summary of debt and the related interest rate hedge agreements at
December 31, 1997, is as follows:
 

<TABLE>
<CAPTION>
                                                  CARRYING    NOTIONAL      FAIR
                                                   VALUE       AMOUNT      VALUE
                                                  --------    --------     -----
<S>                                               <C>         <C>         <C>
DEBT
Senior Secured Discount Debentures..............  $ 95,337    $     --    $115,254
11 1/4% Senior Notes............................   125,000          --     136,875
CC-I Credit Agreement...........................   112,200          --     112,200
CC-II Credit Agreement..........................   339,500          --     339,500
 
INTEREST RATE HEDGE AGREEMENTS
CC-I:
  Swaps.........................................        --     100,000        (797)
CC-II:
  Swaps.........................................        --     170,000      (1,030)
  Caps..........................................        --      70,000          --
  Collars.......................................        --      55,000        (166)
</TABLE>

 
     As the CC-I and CC-II Credit Agreements bear interest at current market
rates, their carrying amounts approximate fair market values at December 31,
1997. The fair value of the Notes and the Debentures is based on current
redemption value.
 
                                      F-91