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SEC Filings

S-1/A
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form S-1/A on 11/04/1999
Entire Document
 
<PAGE>   717
                        BRESNAN COMMUNICATIONS GROUP LLC
 
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
                                 JUNE 30, 1999
                                  (UNAUDITED)
                                 (IN THOUSANDS)
 
     The results of 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, resulting in a gain
(loss) on sale of cable television systems of $6,869 and $(170) for 1998 and
1999, respectively. The results of operations of these cable television systems
through the dates of the dispositions and the gain (loss) from the dispositions
have been included in the accompanying consolidated statements of operations. As
part these dispositions, the Company received cash that is restricted to
reinvestment in additional cable television systems.
 
(3) DEBT
 
     Debt is summarized as follows:
 

<TABLE>
<CAPTION>
                                                              JUNE 30, 1999
                                                              -------------
<S>                                                           <C>
Senior Credit Facility(a)...................................    $500,000
Senior Notes Payable(b).....................................     170,000
Senior Discount Notes Payable(b)............................     175,021
Other Debt..................................................       1,343
                                                                --------
                                                                $846,364
                                                                ========
</TABLE>

 
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(a) The Senior Credit Facility represents borrowings under a $650,000 senior
    reducing revolving credit and term loan facility as documented in the loan
    agreement as of February 2, 1999. The Senior Credit Facility calls for a
    current available commitment of $650,000 of which $500,000 is outstanding at
    June 30, 1999. The Senior 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 Senior Credit Facility will reduce commencing with
    the quarter ending March 31, 2002. Facility A permanently reduces in
    quarterly amounts ranging from 2.5% to 7.5% 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 Senior 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, as defined. 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, as
    defined.
 
    The rate applicable to balances outstanding at June 30, 1999 ranged from
    7.00% to 7.85%. Covenants of the Senior 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
 
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